China has been the world’s top car importer for several years, overtaking the United States. This time, Asia’s top economy has overtaken Japan as the world’s top car exporter. This information has emerged in recently published data.
According to BBC news, in the first quarter of this year (January-March), China has become the world’s top car exporting country, leaving behind Japan. China exported 1.17 million vehicles during the period, a 58 percent increase over the first quarter of 2022, according to government statistics released last week.
In the first three months of this year, Japan’s exports were 954,185 units, up 6 percent from a year ago. Demand for electric vehicles and increased sales in Russia have impacted China’s exports. Earlier last year, the country overtook Germany to become the world’s second largest exporter. At that time, China exported 3.2 million cars compared to Germany’s 2.6 million. Shifting away from fossil fuels has helped boost China’s motor industry, the report said.
Exports in the New Energy Vehicles (NEV) sector, including electric vehicles, rose 90 percent in the first quarter compared to a year ago. Top exporters in the sector include Tesla’s Chinese arm SAIC and BYD, whose investors include US investor Warren Buffett.
Elon Musk’s Tesla has a huge factory in Shanghai. Cars manufactured there are being exported to important markets including Japan, Europe. Tesla’s Gigafactory is capable of producing 1.25 million vehicles per year. The EV manufacturing giant is said to be trying to further increase their capacity. Last month, Tesla began exporting the Shanghai-built Model Y to Canada.