China becomes the world’s top car exporter in Q1 2023
China managed to export 1.07 million vehicles between January & March 2023.
China has become the world’s largest exporter of automobiles in the first quarter of 2023.
According to reports, China took the title from Japan after its export market registered a 58% growth in Q1 2023 compared to the same period last year. Japan lost the top spot despite registering a 6 per cent growth in Q1 2023.
Reports state that the growth of China’s export market can be credited to its rising electric vehicle sales and its ability to continue dealing with Russia.
China managed to export 1.07 million vehicles between January & March 2023, while Japan’s export numbers stood at 950,000 units. China’s EVs accounted for 40% of all its exports, with 380,000 units of export. Reports state that Belgium, Australia and Thailand are the top-3 export markets for China.
Having said that, reports also state that China’s export numbers aren’t exclusively driven by its domestic automakers. Instead, it is supported by the American EV brand, Tesla; which builds its cars in Shanghai and exports them to other countries, including Canada.
Source: Read Full Article