CEM REPORT, AUTOMIBILE | China has become the world’s largest car exporter as of the first quarter of the year (Q1’23) with 1.07 million vehicles exported within the period.
China exported 58 per cent more cars in the review quarter compared to what it did in the corresponding quarter of 2022, according to data from China’s General Administration of Customs.
China’s exports had been said to be boosted by demand for electric cars and sales to Russia.
Reports say that China has seen exporting to Russia surge, since the start of the Ukraine war, as Western countries imposed trade sanctions on Moscow.
China with the recorded feat has pushed Japan from the top position.
Japan’s vehicle exports stood at 954,185, after edging up 6 per cent from a year earlier, according to a BBC report.
Last year, China overtook Germany to become the world’s second-largest car exporter, as the shift away from fossil fuels helped expand the rise of China’s motor industry.
China exported 3.2 million vehicles in 2022, compared to Germany’s 2.6 million vehicle exports.
Chinese automakers Geely, Chery, and Great Wall experienced an increase in their market share in Russia last year as a result of the exit of rivals Volkswagen and Toyota as a result of the invasion of Ukraine.
Exports of new energy vehicles (NEVs), which include electric automobiles, increased by more than 90% in the first quarter compared to the same period last year.
[READ ALSO] Russia Bans Obama, Others from its Borders
Among China’s main exporters of NEVs are BYD, supported by seasoned US investor Warren Buffett, SAIC, the owner of the MG brand, and the China division of Tesla.
The ‘Gigafactory’ at Tesla can presently produce 1.25 million cars annually, and the business intends to expand production.