China to become world’s largest car exporter

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According to the Japan Automobile Manufacturers Association, Japanese car exports in the first 11 months of 2023 totaled 3.99 million units. In the same period, China’s car exports reached 4.412 million units, up about 60% from the same period of last year. This year, China is expected to surpass Japan and become the world’s largest car exporter for the first time. With 2023 drawing to a close, this is essentially a foregone conclusion.

China’s car exports were around 1 million units per year until 2020, but they have since grown rapidly. In 2021, they reached 2.015 million units, and in 2022, they rose to 3.111 million units. Currently, Chinese electric car exports are not only growing in the European market, but they are also making progress in Southeast Asia, which is seen as an important market for Japanese companies. At several overseas auto shows this year, Chinese brands have attracted the attention of local consumers. In addition, Russia has become an important destination for Chinese exports. From January to October of this year, China exported 730,000 vehicles to Russia, seven times the number of the same period last year.

China’s rapid export growth has also raised the alarm in the European Union. The EU began investigating Chinese electric car subsidies in October of this year, and it said that if it is determined that Chinese-made electric cars have improved their export competitiveness through subsidies, putting the European car industry at a disadvantage, it could impose punitive tariffs.

According to the China Association of Automobile Manufacturers, in the first 11 months of this year, China’s passenger car exports totaled 3.72 million units, up 65.1% year-on-year; commercial vehicle exports totaled 692,000 units, up 29.8% year-on-year. In terms of power system type, China’s traditional fuel car exports in the first 11 months of this year totaled 3.32 million units, up 51.5% year-on-year; and its new energy car exports totaled 1.091 million units, up 83.5% year-on-year.

In terms of corporate performance, among the top ten Chinese car exporters in the first 11 months of this year, BYD‘s exports totaled 216,000 units, up 3.6 times year-on-year; Chery‘s exports totaled 837,000 units, up 1.1 times year-on-year; and Great Wall‘s exports totaled 283,000 units, up 84.8% year-on-year.