In a significant forecast by the China Passenger Car Association (CPCA), China is set to outshine Japan as the world’s leading car exporter for the previous year. The surge is attributed to soaring demand in Russia and the escalating global interest in electric vehicles (EV). According to CPCA, China exported vehicles valued at $102 billion, marking a remarkable 56% increase in 2023 compared to the previous year.
The association predicts that the total number of exported vehicles, encompassing passenger cars, buses, and trucks, will reach 5.26 million. In contrast, Japan, as per CPCA estimates, exported 4.3 million cars during the same period. The statement from the association categorically states, “It is a certainty that China has become the world’s largest exporter.”
China’s dominance in the electric vehicle industry, improved quality of domestically produced cars, and the strategic efforts of domestic automakers to enhance profitability abroad have propelled the nation to the forefront of the automotive industry.
Customs data from the last month reveals that China exported a total of 4.76 million cars in the first 11 months of 2023. Conversely, the Japan Automobile Manufacturers Association reported that Japan’s car exports amounted to 3.99 million units during the same period.
Official annual figures from China and Japan, expected in the coming weeks, are likely to confirm China’s ascension to the top spot.
Chinese customs data also highlights a staggering 545% increase in vehicle shipments to Russia, reaching 840,000 units in the first 11 months of the previous year. This surge positioned China as the fastest-growing market, seizing the opportunity presented by the departure of hundreds of brands from the Russian market after the invasion of Ukraine.
The affordability of Chinese EVs played a pivotal role, contributing to a 62% rise in passenger car exports in 2023 compared to the previous year. The CPCA notes that over a quarter of these exports comprised electric vehicles.
The broader category of EVs, encompassing battery electric vehicles, plug-in hybrids, and hydrogen fuel cell vehicles, experienced a 70% surge. Notably, in December, BYD emerged as a leader, shipping 36,095 vehicles from China, outpacing SAIC (19,427 units) and Tesla (18,334 units). China’s remarkable strides in the automotive export sector underscore its growing influence and competitiveness on the global stage.
