China is poised to become the world’s leading car exporter for the previous year, surpassing Japan, driven by strong demand in Russia and increasing global interest in electric vehicles (EV), according to a forecast by the China Passenger Car Association (CPCA). In 2023, China’s vehicle exports were valued at $102 billion, marking a substantial 56% increase compared to 2022. CPCA predicts the total number of exported vehicles, including passenger cars, buses, and trucks, to reach 5.26 million, outpacing Japan’s estimated 4.3 million car exports during the same period.
The CPCA attributes China’s emergence as the world’s largest exporter to its leading electric vehicle (EV) industry, improved quality of domestically produced cars, and the efforts of domestic automakers to enhance profitability abroad while mitigating cost pressures domestically.
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Customs data from the last month reveals that China exported a total of 4.76 million cars in the first 11 months of 2023. Meanwhile, the Japan Automobile Manufacturers Association reported that Japan’s car exports reached 3.99 million units during the same period. The official annual figures from China and Japan, expected to be released soon, are anticipated to confirm China’s top-ranking status.
Chinese customs data also indicates a significant increase in vehicle shipments to Russia, surging by 545% to 840,000 units in the first 11 months of the previous year. This growth was driven by the departure of numerous brands from the Russian market following the invasion of Ukraine, presenting Chinese carmakers with an opportunity to expand their sales.
Affordable Chinese EVs played a substantial role in the surge of passenger car exports, which increased by 62% in 2023 compared to 2022. The CPCA notes that over a quarter of these exports were electric vehicles. The overall export of EVs, encompassing battery electric vehicles, plug-in hybrids, and hydrogen fuel cell vehicles, experienced a 70% increase. In December, BYD led the way by shipping 36,095 vehicles from China, outpacing SAIC (19,427 units) and Tesla (18,334 units).
