China has overtaken Japan as the world’s top car exporter, according to data released by the China Association of Automobile Manufacturers (CAAM).
In the first quarter of 2023, China exported 1.07 million vehicles, up 58% from a year earlier. Japan, meanwhile, exported 950,000 vehicles, up 6%.
Several factors, including rising demand for electric cars and increased deliveries to Russia, drove the growth in China’s car exports.
China is the world’s largest market for electric cars, and its domestic sales of electric vehicles are expected to reach 5 million units in 2023. The country is also a major exporter of electric cars, and its exports of electric vehicles are expected to grow by 60% in 2023.
China’s exports to Russia have also grown in recent months as the country has sought to replace imports of cars from European and Japanese manufacturers.
The growth in China’s car exports shows the country’s growing strength in the global automotive industry. China is already the world’s largest car market and is now also the world’s largest car exporter.
The growth in China’s car exports is likely to impact the global automotive industry significantly. It is expected to lead to increased competition in the global car market and will also likely lead to lower car prices.
China’s car export growth is also a sign of the country’s growing economic power. China is now the world’s second-largest economy and can become the world’s largest economy by 2030.
