China Set to Overtake Japan as Top Car Exporter

21 Jul 2023

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China Set to Overtake Japan as Top Car Exporter

China's automobile export industry has experienced remarkable growth in H1 2023, with a staggering 75.7% increase compared to the previous year. The China Association of Automobile Manufacturers (CAAM) reported that 2.14 million vehicles were shipped overseas, with passenger vehicles rising by 88.4% and new energy vehicles (NEVs) witnessing an impressive 160% surge.

Chinese Automobile Exports Surpass Milestones

China's automobile exports, which have historically averaged 1 million units annually, saw a significant breakthrough in 2021 when the export volume crossed the 2 million mark. In 2022, China secured its position as the world's second-largest auto exporter, following Japan's lead with 3 million units. Fu Bingfeng, Executive Vice President and Secretary-General of CAAM, boldly predicts a staggering 4 million Chinese automobile exports by the end of 2023.

Leading Automakers Drive Export Growth

H1 2023 witnessed a remarkable contribution from leading Chinese automakers, with SAIC, Chery, Tesla China, Changan, Great Wall Motors, Geely, and Dongfeng collectively exporting over 100,000 vehicles. BYD, in particular, stood out with an astonishing 1,060% increase, shipping 81,000 vehicles. Chery also achieved a remarkable 170% growth with 394,000 vehicles exported, while Great Wall Motors (GWM) secured 124,000 exports, reflecting a notable 97.3% rise.

Global Expansion Strategies

Chinese automobile brands have spread their wings globally, with exports encompassing independent and foreign investment/joint venture brands. Tesla China, standing as China's third-largest auto exporter, shipped an impressive 182,000 vehicles in H1 2023, accounting for one-third of the country's NEV exports. Furthermore, SAIC (MG's parent company) is rapidly expanding its footprint in Mexico, Australia, the UK, Saudi Arabia, India, and Thailand. At the same time, Chery is excelling in Russia, Mexico, and Chile.

Dominating the Global Automotive Market

China's auto export dominance extends across regions, with Asia, Europe, and Latin America being the primary recipients. Russia, Mexico, and Belgium led in importing Chinese cars during January through May, while Belgium, the UK, and Thailand were the top importers of Chinese NEVs. With such impressive figures, China appears firmly on track to claim the title of the world's largest automotive exporter.

China automotive exports automobile industry global dominance Chinese automakers EV market

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