China Claims Title of World’s Largest Car Exporter, Surpassing Japan in Q1 2023
According to China’s General Administration of Customs, China’s car exports reached 1.07 million vehicles in the first quarter of the year, marking a significant 58% increase compared to the same period in 2022. Meanwhile, Japan’s vehicle exports stood at 954,185, experiencing a modest 6% growth from the previous year, as reported by the BBC.
Building on its success in 2022, where China exported 3.2 million vehicles, outpacing Germany’s 2.6 million exports, China’s dominance in the global car export market continued to expand. China attributed this growth to the rising demand for electric cars and its strong sales to Russia.
China’s ascent as a major car exporter has been fueled by the transition away from fossil fuels, contributing to the growth of its motor industry. As Western countries imposed trade sanctions on Moscow due to the Ukraine conflict, China experienced a surge in exports to Russia, leading to increased market share for Chinese carmakers like Geely, Chery, and Great Wall. This success came after rivals such as Volkswagen and Toyota withdrew from the Russian market.
Furthermore, China’s first-quarter exports of new energy vehicles (NEVs), including electric cars, witnessed an impressive growth of over 90% compared to the previous year. Prominent Chinese NEV exporters, including Tesla’s China arm, SAIC (owner of the MG brand), and Warren Buffett-backed BYD, have contributed to China’s status as a top exporter in this segment.