China claims it has surpassed Japan as the world’s largest exporter of automobiles in the first three months of the year.
China exported 1.07 million vehicles during the period, an increase of 58% compared to the first quarter of 2022, according to data released by the government within the last week.
During the same period, Japan’s vehicle exports reached 954,185, up 6% from the previous year.
China’s exports were bolstered by the demand for electric vehicles and Russian sales.
China surpassed Germany last year to become the world’s
the second largest exporter of automobiles.
China exported 3,2 million vehicles in 2022, compared to Germany’s 2,6 million vehicle exports, as reported by China’s General Administration of Customs.
The transition away from fossil fuels has contributed to the growth of China’s automobile industry.
Compared to the same period last year, exports of new energy vehicles (NEVs), which include electric automobiles, increased by more than 90 percent in the first quarter.
Tesla China, SAIC, and BYD, backed by Warren Buffett, are China’s top NEV exporters.
Elon Musk’s electric vehicle manufacturer has a massive factory in Shanghai that exports to Japan and Europe.
Currently, Tesla’s ‘Gigafactory’ is capable of producing 1.25 million vehicles annually, and the company intends to increase capacity.
It began manufacturing Model Y sport utility vehicles for export to Canada last month.
Since the Ukraine conflict, China’s exports to Russia have surged.
Chinese automakers, such as Geely, Chery, and Great Wall, saw a rise in their market share in Russia after competitors such as Volkswagen and Toyota left the country following the invasion of Ukraine.