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Monday, April 15, 2024

China Poised to Overtake Japan as Leading Global Car Exporter

China accelerates towards becoming the world's leading car exporter, driven by a surge in electric vehicle exports and strategic footholds in markets like Russia and Mexico, reshaping the global automotive landscape.

China is set to surpass Japan as the world’s leading automobile exporter in 2023, marking a significant shift in the automotive landscape. Preliminary data from the China Association of Automobile Manufacturers (CAAM) reveals that China exported 4.41 million vehicles from January to November, representing a remarkable 58% increase from the same period the previous year. In contrast, Japan saw a 15% rise, reaching 3.99 million autos. This shift follows Japan’s previous displacement from the top position in 2016 when Germany took the lead.

China’s ambition to become a global automotive powerhouse is fueled by its robust performance in the electric vehicle (EV) industry and expanding market presence in countries like Russia and Mexico. Chinese exporters have experienced a sevenfold increase in vehicle shipments to Russia, reaching 730,000 units in the January-October period. In Mexico, Chinese auto exports surged by 71%, totaling 330,000 vehicles, positioning China strategically for potential expansion into the U.S. and Canadian markets.

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The global shift towards electric vehicles (EVs) has further propelled China’s dominance in the automotive export market. EV exports and shipments of other new energy vehicles surged by 77%, totaling 1.43 million units between January and October. This sector accounted for 34% of China’s total auto exports during this period. Notably, Chinese EVs are making significant inroads in Europe and Southeast Asia, with companies like Tesla and BYD driving these exports. Chinese automakers are actively targeting Southeast Asian markets, challenging the dominance of Japanese rivals.