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Thu, 02/01/2024 - 05:50
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Japan Overtaken by China as World's Top Car Exporter in 2023

Beijing, Jan. 31 (Jiji Press)--China overtook Japan as the world's top exporter of new vehicles in 2023, industry data showed Wednesday.

Japan's vehicle exports last year rose 16 pct from a year before to 4.42 million units, according to the Japan Automobile Manufacturers Association. The figure was below China's 4.91 million units.

Chinese automakers are rapidly expanding their exports, driven by electric vehicles, and increasing their market share in Southeast Asia where Japanese makers have traditionally been strong.

It is the first time for Japan not to be the top auto exporter since Germany held the top spot in 2016.

There have been rapid technological advances among Chinese EV makers in recent years, partly thanks to state support. Competition in the Chinese market has intensified, leaving BYD Co. and other domestic makers rushing to expand overseas sales.

Chinese auto exports in 2023 grew 58 pct, led by an increase of nearly 80 pct in so-called new energy vehicles, including EVs and plug-in hybrids.

Exports of gasoline-powered vehicles to Russia also surged, after the country was slapped with sanctions by Western countries over its invasion of Ukraine.

A senior BYD official said at an event this month that the automaker will release more products abroad in 2024.

A Chinese auto industry body projects annual exports increasing to around 5.5 million units in 2024.