China is now the world’s largest new car exporter

A new report suggests China has overtaken Japan to become the world’s largest new car exporter, thanks to increasing demand for electric vehicles and shipments to Russia.

Between January and March this year, China’s new car exports rose 58 per cent (1.07 million units) when compared to the previous year, according to data obtained from the China Association of Automobile Manufacturers, reported by Nikkei Asia.

Over the same period, Japan managed to export 950,000 vehicles which is a 6 per cent increase on the previous year.

China’s growth is expected to continue in the current quarter of 2023 and into the future thanks to the rapid uptake of EVs which account for approximately 40 per cent of the country’s new car exports.

One carmaker in particular stood out among the rest, that being Tesla. According to Chinese media, the American brand was the biggest exporter of ”new energy” vehicles at 90,000 units, besting SAIC’s 50,000, and BYD’s 30,000.

Most ”new energy” vehicles were exported to Belgium, Australia, and Thailand, but Russia took to top spot for all Chinese exports with 140,000 units in the first quarter.

Both Chery and Great Wall Motor have increased their sales in Russia, alongside other Chinese brands, as many other carmakers like Volkswagen and Nissan ceased sales in the country due to its ongoing invasion of Ukraine.