2023-05-22 06:59:38
ThatIn the first quarter of this year, China overtook Japan to take the top spot in global auto exports. China benefited from increased sales in the Russian market and influence in the electric vehicle sector. Japan recorded a six percent increase in vehicle exports compared to the previous year. But compared to the first quarter of 2022, by the first quarter of 2023, China has a huge jump of 58 percent, according to Nikkei Asia.
China exported 10.7 lakh vehicles from January to March. During the same period, Japan was able to export 9.50 lakh vehicles. Increasing Chinese influence in the Russian auto market and Japan’s retreat have largely benefited them. Countries allied with the United States withdrew from the Russian market following the invasion of Ukraine. Taking advantage of this opportunity, China tripled its vehicle exports to Russia.
The Chinese government’s policy of supporting electric vehicle manufacturing has also helped them in this achievement. China exported 3.80 lakh electric vehicles in the first quarter of this year. Electric vehicles accounted for 40 percent of China’s total vehicle exports. At the same time, Japan, which has been slow in manufacturing electric vehicles, has faced a setback even in South East Asian countries, which are their areas of strength.
Belgium and Australia are the top countries where China exported the most vehicles. Third place belongs to Thailand. Its strength in the electric vehicle sector has helped China make inroads into Southeast Asian countries, traditionally dominated by Japanese vehicles. It should be added that China has achieved this feat not only on the strength of local companies. The American company Tesla exports the vehicles manufactured in its factory in Shanghai to countries including Canada.
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