China’s Domestic sees Sluggish Demands while Exports Increases
China is the Largest Exporter of Cars in 2023
By Garvit Vyas , 25 May, 2023
China has become the largest car exporter and has overtaken Japan in the first three months of 2023. China has exported 1.07 million vehicles in this period, which is up 58 percent as compared to the first quarter of 2022, as per the official figures released in May. Japan's vehicle export has also risen 6 percent from 2022.
The demand for electric cars and sales to Russia has boosted China's exports. In 2022, China overtook Germany to become the world's second-largest car exporter. China exported almost 3.2 million vehicles in 2022 compared to Germany's 2.6 million vehicle exports, per the data given by China's General Administration of Customs.
According to BBC, the shift from fossil fuels in China has helped China's motor industry to rise. In the first quarter of 2023, the exports of new energy vehicles (NEVS), including electric cars, rose by more than 90 percent compared to 2022.
Elon Musk's Tesla has a huge manufacturing plant in Shanghai that exports to Japan and Europe. Tesla's Gigafactory also produced 1.25 million vehicles per year. The company also aims to increase its capacity further. China's exports to Russia also surged since the start of the geopolitical war as the Western countries had imposed trade sanctions on Moscow. Chinese carmakers Chery, Geely, and Great Wall also saw their market share in Russia jump as rivals like Toyota and Volkswagen quit India in 2022.
Top 10 Chinese Vehicle Exporters
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