China has overtaken Japan as the world’s top car exporter for the first time. Growing demand for the country’s cars in the Russian and Mexican markets and increased demand for electric vehicles (EVs) has been a boon for China.
Nikkei Asia reported so after verifying preliminary data from the China Association of Automobile Manufacturers (CAAM).
China exported 4.41 million vehicles in the first 11 months of 2023 – that is, from January to November, the statistics show. Which is 58 percent more than the same period of 2022. It has overtaken Japan as the world’s top car exporter. During this period, Japan exported a total of 4.3 million cars.
Japan last fell off the top spot as a car exporter in 2016. Germany took the top spot then.
Chinese market analysts said that China wants to be the center of car production. To achieve this goal, the car manufacturing sector is shifting to EVs.