By using this site, you agree to the Privacy Policy and Terms of Use.
Accept

News Junction

Notification Show More
Font ResizerAa
  • Home
  • World News
    World NewsShow More
    US-China talks resume as Trump hails ‘total reset’ in trade relations
    US-China talks resume as Trump hails ‘total reset’ in trade relations
    May 11, 2025
    UK plans to end ‘failed experiment’ in immigration
    UK plans to end ‘failed experiment’ in immigration
    May 11, 2025
    Vladimir Putin’s offer of direct talks with Ukraine is the latest attempt to avoid committing to a 30-day ceasefire | World News
    Vladimir Putin’s offer of direct talks with Ukraine is the latest attempt to avoid committing to a 30-day ceasefire | World News
    May 11, 2025
    Putin proposes direct Russia-Ukraine talks in Istanbul on May 15 | Russia-Ukraine war News
    Putin proposes direct Russia-Ukraine talks in Istanbul on May 15 | Russia-Ukraine war News
    May 11, 2025
    Why is Germany such a mess? — RT World News
    Why is Germany such a mess? — RT World News
    May 11, 2025
  • Business
    BusinessShow More
    Ukraine blows up bridges to consolidate its positions in Russia
    Ukraine blows up bridges to consolidate its positions in Russia
    August 18, 2024
    Commentary: AI phones from Google and Apple will erode trust in everything
    Commentary: AI phones from Google and Apple will erode trust in everything
    August 18, 2024
    The most famous Indian Dishes – Insights Success
    The most famous Indian Dishes – Insights Success
    August 18, 2024
    Life on the road as a female long rides cyclist
    Life on the road as a female long rides cyclist
    August 18, 2024
    UK inflation rises to 2.2%
    UK inflation rises to 2.2%
    August 18, 2024
  • Cryptocurrency
    CryptocurrencyShow More
    Analyst Tips Ethereum To Rival Bitcoin In The Long Run
    Analyst Tips Ethereum To Rival Bitcoin In The Long Run
    May 11, 2025
    Bitcoin Price (BTC) News: 5K in Play
    Bitcoin Price (BTC) News: $105K in Play
    May 11, 2025
    Price analysis 3/17: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, PI
    Price analysis 3/17: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, PI
    May 11, 2025
    Why is Ethereum (ETH) price up today?
    Why is Ethereum (ETH) price up today?
    May 11, 2025
    Bitcoin SV investors attempt to resurrect 2019 Binance lawsuit
    Bitcoin SV investors attempt to resurrect 2019 Binance lawsuit
    May 11, 2025
  • Technology
    TechnologyShow More
    How to Improve Your Spotify Recommendations
    How to Improve Your Spotify Recommendations
    August 18, 2024
    X says it’s closing operations in Brazil
    X says it’s closing operations in Brazil
    August 18, 2024
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    August 18, 2024
    Scientists Want to See Videos of Your Cat for a New Study
    Scientists Want to See Videos of Your Cat for a New Study
    August 18, 2024
    OpenAI’s new voice mode let me talk with my phone, not to it
    OpenAI’s new voice mode let me talk with my phone, not to it
    August 18, 2024
  • Entertainment
  • Sports News
  • People
  • Trend
Reading: China comes just shy of Japan as the world’s largest car exporter
Share
Font ResizerAa

News Junction

  • World News
  • Business
  • Technology
  • Cryptocurrency
  • Trend
  • Entertainment
Search
  • Recent Headlines in Entertainment, World News, and Cryptocurrency – NewsJunction
  • World News
  • Business
  • Cryptocurrency
  • Technology
  • Entertainment
  • Sports News
  • People
  • Trend
Have an existing account? Sign In
Follow US
News Junction > Blog > World News > China comes just shy of Japan as the world’s largest car exporter
China comes just shy of Japan as the world’s largest car exporter
World News

China comes just shy of Japan as the world’s largest car exporter

Published February 1, 2024
Share
6 Min Read
SHARE

Contents
Electric vehicle salesLocal vs. overseas marketsRead more about electric vehicles, batteries and chips from CNBC Pro

LIANYUNGANG, CHINA – JANUARY 17, 2024 – A large number of cars are ready to be shipped for export at the port of Lianyungang, Jiangsu province, China, January 17, 2024. (Photo credit should read CFOTO/Future Publishing via Getty Images)

Future Publishing | Future Publishing | Getty Images

BEIJING — China failed to replace Japan as the world’s largest exporter of cars in 2023, despite coming close to doing so, data released this month showed.

Japanese customs data showed the country exported 5.97 million vehicles last year, more than the 5.22 million vehicle exports that China customs data reported.

However, manufacturing association data from both countries showed that China did edge out Japan: 4.14 million passenger car exports versus 3.978 million in 2023, according to figures available online and accessed via Wind Information.

More than 70% of China’s car exports in 2023 were of gasoline-powered vehicles, according to the Ministry of Commerce, noting that new energy vehicle exports were growing rapidly.

Many of those gasoline-powered cars went to Russia, said Sarah Tan, economist at Moody’s Analytics.

“After Russia’s invasion of Ukraine in February 2022, many auto manufacturers had left the country only to have that gap filled by Chinese manufacturers,” she said. “In the first eleven months of 2023, auto shipments to Russia rose about six times that of 2022 in value terms.”

Mexico was also a major destination for Chinese exports of gasoline-powered cars, Tan said, while auto exports to Belgium and the U.K. were mostly new energy vehicles.

In fact, Mexico was the second-largest destination for Chinese cars after Russia, said Jorge Guajardo, Washington, D.C.-based partner at Dentons Global Advisors and a former ambassador of Mexico to China.

Chinese-made cars have quickly increased their share of Mexico’s auto market, a “new phenomenon” since the central American country has traditionally been highly protective of its auto industry — the top employer in Mexico, Guajardo said in a phone interview.

While he said it’s still unclear exactly why Chinese cars are growing so quickly in Mexico, part of the reason is international automakers.

“The factories, the plants that they had in China that were meant to be for the Chinese market that which they’ve now lost, you’re going to start redirecting that capacity to export from China abroad,” he said, noting he think’s “there’s a lot of overcapacity in China for auto manufacturing.”

Electric vehicle sales

China’s new energy vehicle penetration reached 40% of new passenger car sales toward the end of 2023, far higher than around 7% in the U.S.

Analysis by CNBC late last year found that rapid transition to electric cars is quickly eroding market share from international auto giants, who have been slower to release new models in the category. Germany’s Volkswagen was among the foreign car companies on track for their worst China market sales in years.

Chinese battery and electric car company BYD also topped Tesla in overall vehicle production in 2023 — more than 3 million vehicles — and sold more battery-powered cars than the U.S. automaker in the fourth quarter.

BYD’s overseas sales in 2023 exceeded 242,000 new energy passenger vehicles, according to CNBC calculations of public data. The company did not disclose comparable 2022 figures.

Local vs. overseas markets

Chinese car makers will likely increase their share of the domestic auto market to 75% by 2030, said Francoise Huang, senior economist at Allianz Trade.

That would result in a nearly 40% drop in European car sales in China, she said.

As China-made electric cars also extend their reach to Europe, the European Union has launched a probe into the role of government subsidies for production of those electric vehicles.

Read more about electric vehicles, batteries and chips from CNBC Pro

“I think they’re gonna very soon realize that they’re targeting the wrong sector,” Guajardo said.

Chinese-made “EVs are superior to any operating [the Europeans] have, so you’re just trying to block something that is better,” he said, adding that those electric cars ultimately aren’t the majority of China’s auto exports.

Guajardo expects these developments will lead to trade wars, at least in the case of Chinese car sales to Mexico.

“I wish it were EVs because if it were EVs, not only are they good but they are a quality product that save the environment,” Guajardo said. “Gasoline-powered cars are just a competition with Mexican products.”

#China #shy #Japan #worlds #largest #car #exporter

TAGGED:Asia EconomyAutosBreaking News: Marketsbusiness newsBYD Co LtdcarChinaexporterJapanLargestshyTesla InctradeVolkswagen AGWorld economyWorlds
Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Share
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Previous Article Tech bros want to live forever. They should be studying human ovaries Tech bros want to live forever. They should be studying human ovaries
Next Article India’s central bank discusses more penalties on Paytm Payments Bank, including revoking license India’s central bank discusses more penalties on Paytm Payments Bank, including revoking license
- Advertisement -

Latest Post

Analyst Tips Ethereum To Rival Bitcoin In The Long Run
Analyst Tips Ethereum To Rival Bitcoin In The Long Run
Cryptocurrency
US-China talks resume as Trump hails ‘total reset’ in trade relations
US-China talks resume as Trump hails ‘total reset’ in trade relations
World News
UK plans to end ‘failed experiment’ in immigration
UK plans to end ‘failed experiment’ in immigration
World News
Bitcoin Price (BTC) News: 5K in Play
Bitcoin Price (BTC) News: $105K in Play
Cryptocurrency
Price analysis 3/17: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, PI
Price analysis 3/17: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, PI
Cryptocurrency
Vladimir Putin’s offer of direct talks with Ukraine is the latest attempt to avoid committing to a 30-day ceasefire | World News
Vladimir Putin’s offer of direct talks with Ukraine is the latest attempt to avoid committing to a 30-day ceasefire | World News
World News
- Advertisement -

You Might Also Like

The Hunt for Spies Inside the U.S. is Harder than you Think
World News

The Hunt for Spies Inside the U.S. is Harder than you Think

July 25, 2023
Euro zone GDP Q4 2023
World News

Euro zone GDP Q4 2023

January 30, 2024
What life is like for Palestinians living under Israeli occupation | Israel-Palestine conflict
World News

What life is like for Palestinians living under Israeli occupation | Israel-Palestine conflict

July 16, 2024
Pittsburgh synagogue attacker who killed 11 gets death sentence
World News

Pittsburgh synagogue attacker who killed 11 gets death sentence

August 2, 2023

About Us

NEWS JUNCTION (NewsJunction.xyz) Your trusted destination for global news. Stay informed with our timely and accurate reporting on diverse topics, including politics, technology, science, entertainment, sports, and more. Count on us for unbiased and reliable updates at your fingertips.

Quick Link

  • About
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • Contact

Top Categories

  • World News
  • Business
  • Technology
  • Entertainment
  • Cryptocurrency
  • Sports News
  • Trend
  • People

Subscribe

Subscribe to our newsletter to get our newest articles instantly!

    © 2023 News Junction.
    • Blog
    • Advertise
    • Contact
    Welcome Back!

    Sign in to your account

    Username or Email Address
    Password

    Lost your password?