HomeBusiness - FinanceNo petrol .. China's master plan .. Japan lost in car exports!

No petrol .. China’s master plan .. Japan lost in car exports!

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Japan has topped the list of countries that export the most cars in the world. China has now overtaken Japan to take the top spot. China emerged as the world’s largest car exporter in the first three months of this year.

Accordingly, China exported 1.07 million vehicles in these three months. This is a 58 percent increase compared to the first quarter of 2022, according to the BBC. Meanwhile, Japan’s vehicle exports increased by 6 percent from last year to 954,185. However, China’s exports have increased due to demand for electric cars and sales of cars to Russia. Last year, Asian giant China overtook Germany to become the world’s second largest car exporter.

According to China’s General Administration of Customs, China exported 3.2 million vehicles in 2022, compared to Germany’s 2.6 million, according to the BBC. Also, the shift away from petroleum products has been a key factor behind the rise of China’s motor industry. This has helped China to increase its production and export lead.

First-quarter shipments of new electric vehicles (NEVs), which include electric cars, rose more than 90 percent from a year earlier. Tesla’s Chinese arm, SAIC, owner of the MG brand, and BYD, backed by veteran American investor Warren Buffett, are among China’s top exporters of new electric vehicles. Elon Musk’s electric car maker, Tesla, has a large manufacturing plant in Shanghai that exports to regions including Japan and Europe.

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Tesla’s ‘Gigafactory’ is currently capable of producing 1.25 million vehicles per year. And Tesla plans to increase this production capacity. And last month, it was revealed that the Model Y sport utility vehicle has begun production for export to Canada. China has been exporting to Russia since the start of the Ukraine war as western countries imposed trade sanctions on Moscow.

Last year, companies including Volkswagen and Toyota pulled out of Russia following the Ukraine invasion, while Chinese carmakers including Geely, Chery and Great Wall increased their exports and increased their market share in Russia.

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