According to data from the China Association of Automobile Manufacturers, China will become the world’s largest automobile exporter in the first quarter of 2023, according to the Nikkei news agency.
According to the data, Chinese car exports increased by 58% in January-March compared to the same period in 2022, reaching 1.07 million units.
Japan, the former top exporter, sold 950,000 vehicles over this time span.
According to data, higher demand for electric vehicles and increased deliveries to Russia fueled China’s car export boom. Exports of new energy vehicles, which include EVs, increased 93% year on year to 380,000 units in the first quarter, accounting for around 40% of total car exports from China. Tesla’s China branch contributed the most to new energy vehicle exports, selling 90,000 units during the reporting period. Tesla’s first-quarter Chinese exports increased 20% year on year.
China’s shipments to Russia more than tripled year on year to 140,000 units in the reporting period, becoming Russia the leading export destination for Chinese automobiles. Following the start of Russia’s military incursion in Ukraine, a number of major automakers left the country due to Western sanctions, putting supply lines in jeopardy and making financial dealings with Russia difficult. Chinese automakers jumped at the chance to extend their presence in the Russian market.
Chinese vehicle exports increased in the second quarter. From January through April of this year, the country’s automakers exported 1.37 million vehicles. According to data, the export volume reached 376,000 units last month, a 3.3% increase month on month and a 170% increase year on year.
China’s car export volume reached a new high of 3.11 million vehicles last year, propelling the country to the world’s second-largest car exporter behind Japan. According to the China Passenger Car Association, exports will reach 4 million in 2023.
