Thanks to the development of electric vehicles, China is emerging as an unbeatable competitor in the car export race. In 2023, China is likely to officially surpass Japan to become the world’s largest vehicle exporter. This marks a major turning point as Japan has long been the leading country in this field.
Data from the China Association of Automobile Manufacturers (CAAM) shows that in the first 11 months of 2023, China exported 4.41 million vehicles, surpassing Japan’s 3.99 million vehicles in the same period. Period. Although Japan grew by 15%, China still maintained its advantage with a 58% increase.
Although it has not been able to gain a majority in large markets like the US, China has been successful in Mexico and Russia. With 730,000 vehicles exported to Russia in the first 10 months of the year (up 7 times over the previous year) and 330,000 vehicles to Mexico (up 71%), China is starting to demonstrate its global export power.
In particular, the Mexican market seems to be more important with a number of Chinese car manufacturers planning to build manufacturing plants in the region to take advantage of import tax incentives when exporting to the US and Canada. Thus, a change in warning about the international auto industry has begun to appear.
