China became the “world’s biggest car exporter” in the world.
According to a report, China said the country became the “biggest car exporter” in the world, overtaking the position of Japan in only the first three months of the year.
Official figures highlight the last week’s sales for the country, which reports 1.07 million vehicles were exported. At the same time, Japan’s exports of vehicles increased marginally by 6% from a year earlier to 954, 185 units.
Demand for electric vehicles and sales to Russia increased China’s exports. The world’s second-largest exporter of automobiles was China last year, surpassing Germany. Germany exported 2.6 million vehicles in 2022, while China exported 3.2 million, according to the General Administration of Customs in China.
The decline in the use of fossil fuels has contributed to the growth of China’s automobile industry.
Exports of “new energy vehicles (NEVs),” which include electric cars, increased significantly during the first quarter compared to the same period in the previous year, by more than 90%.
One of China’s top exporters of NEVs is BYD, which has Warren Buffett’s support and is owned by SAIC, which is the owner of the MG brand.
A sizable manufacturing facility for Elon Musk’s electric car company is located in Shanghai, and it exports its products to places like Japan and Europe. Currently able to produce 1.25 million vehicles annually, Tesla’s “Gigafactory” has room to grow.
It started producing “Model Y” sport utility vehicles for export to Canada last month.
Since the start of the conflict in Ukraine, China’s exports to Russia have increased as Western nations imposed trade sanctions on Moscow.
Chinese automakers, such as Chery, Great Wall, and Geely, saw an increase in their market share in Russia last year as a result of the exit of competitors like Volkswagen and Toyota as a result of the invasion of Ukraine.