China Overtakes Japan, Becomes Global Leader in Car Exports

Based on customs data compiled by CPCA, China is leading in both quantity and value of car exports in 2023. China’s car exports reached 5.22 million units, showing a 57% growth.

Meanwhile, Japan’s car exports reached 3.99 million vehicles during the first 11 months of the year, a 15% increase compared to the same period last year. It is estimated that Japan’s car exports for the whole year of 2023 will 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), showing a 69% increase, surpassing Japan.

The strong increase in China’s car exports is attributed to low production costs and the maturity of the automotive supply chain.

Since 2021, most countries around the world have been facing shortages of components and raw materials. However, in China, the supply chain supporting car manufacturers has remained relatively stable, allowing car manufacturers to maintain operations and limit cost fluctuations.

In 2023, China’s diesel engine exports are estimated to reach about 3.52 million vehicles, showing a 54% increase, while electric car exports are estimated to reach 1.7 million units, showing 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 was the top carmaker in terms of vehicle exports in 2023, exporting 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)