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China on track to zip past Japan to be world's biggest car exporter
China overtook Germany in 2022 to emerge as the world’s second-largest vehicle exporter by shipping 3.11 million cars
MONEYCONTROL NEWSJANUARY 28, 2023 / 02:35 PM IST
China is on course to overtake Japan as the world’s largest car exporter, riding on its growing manufacturing and technological heft of home-grown electric vehicle (EV) makers, the South China Morning Post has said.
China emerged as the world’s second-largest vehicle exporter after overtaking Germany in 2022. It shipped 3.11 million units—2.53 million cars and 580,000 commercial vehicles—during the year, an increase of 54.4 percent from 2021, according to the China Association of Automobile Manufacturers (CAAM).
In the first 11 months of 2022, foreign car brands still accounted for 50.8 percent of the market, according to data from CAAM. However, in the EV segment, Chinese brands enjoyed an 84.7 percent share in the same period.
“Rising exports are a clear sign that Chinese carmakers’ development and manufacturing capabilities have largely improved following four decades of efforts,” the report quoted Chen Jinzhu, CEO of consultancy Shanghai Mingliang Auto Service, as saying.
''Chinese companies like BYD and Geely will become strong contenders in the global automotive market.''
China is closing in on Japan’s export volume, which recorded flat overseas car sales last year. In 2021, Japan exported 3.82 million cars, and it is expected to post a year-on-year decline once the full-year results are tallied.
China on track to zip past Japan to be world's biggest car exporter
China overtook Germany in 2022 to emerge as the world’s second-largest vehicle exporter by shipping 3.11 million cars
