China Surpasses Japan, Becomes the World’s Largest Car Exporting Country

According to customs data compiled by CPCA, China leads the world in both the quantity and value of car exports in 2023. Specifically, China’s car exports reached 5.22 million units, a growth of 57%.

Meanwhile, Japan’s car exports reached 3.99 million vehicles in the first 11 months of the year, a 15% increase compared to the same period last year. Japan’s car exports for the entire year of 2023 are estimated to reach around 4.3 million vehicles.

With a difference of nearly 1 million vehicles, China has “overtaken” Japan to become the world’s largest car exporter in 2023.

In terms of value, China’s car exports in 2023 reached $101.6 billion (2,489 trillion VND), a 69% increase, and also surpassed Japan.

The reason for the strong increase in car exports from China is due to low production costs and the maturity of the automotive supply chain.

Since 2021, the shortage of components and raw materials has occurred in most countries around the world. However, in China, the supply chain serving car manufacturers has remained relatively stable. This has helped the operations of car manufacturers to be maintained, limiting cost fluctuations.

In 2023, China’s diesel engine exports are estimated to reach about 3.52 million vehicles, a 54% increase; electric car exports are estimated to reach 1.7 million units, a 57% increase.

Among China’s electric car exports in 2023, pure electric vehicles accounted for 90%, and plug-in hybrid electric vehicles (PHEV) accounted for 10%.

Chery Automobile is the carmaker that exported the most vehicles abroad in 2023, with 922,830 cars. SAIC ranked second with 685,018 cars exported, while Tesla ranked third with a total of 344,078 cars exported to markets outside of China.

TH (Tuoitrethudo)