China achieved a significant success in automotive exports and took over the title of the world’s largest car exporter from Japan. China’s vehicle exports in the first three months of the year reached 1.07 million units, marking a remarkable 58% increase compared to the previous year.
The significant increase can be attributed to the growing demand for electric vehicles and the rising sales in Russia. Alongside the goals of moving away from fossil fuels, China’s rise in the automotive industry has been noteworthy. In the first three months of the year, the export of new energy vehicles (NEV), particularly electric vehicles, saw a remarkable 90% increase compared to the previous year.
Among the leading exporters of NEVs in China are Tesla’s Chinese branch, SAIC (owner of the MG brand), and BYD, supported by American investor Warren Buffet. Tesla exports to Japan and Europe from its large factory in Shanghai. The factory currently has a production capacity of 1.25 million vehicles per year, and the company plans to further increase its production capacity.
China’s significant success in automotive exports enables the country to strengthen its position in the automotive sector and play a larger role in the global market. With the expected increase in demand for electric vehicles in the coming years, China is anticipated to maintain its leadership in automotive exports. This situation demonstrates that China has attained a sustainable and innovative position to compete worldwide with its automotive technologies.