In a significant turn of events, China has emerged as the dominant force in the world’s automotive industry, outpacing Japan in car exports during the first quarter of this year.
As highlighted in a report by the BBC, official data reveals that China exported a staggering 1.07 million vehicles, marking a remarkable 58 percent increase compared to the same period in 2022.
By contrast, Japan exported 954,185 vehicles, representing a modest 6 percent growth from the previous year.
This remarkable shift can be attributed to several key factors. Firstly, the soaring demand for electric vehicles and new energy vehicles (NEV) has played a pivotal role. China’s position as home to Tesla’s largest electric vehicle production facility in Shanghai has contributed significantly to its export success.
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Furthermore, the imposition of sanctions on Ukraine, a country deemed as an aggressor, has had a notable impact on China’s exports to the Russian market. Consequently, manufacturers like Geely, Chery, and Great Wall have witnessed a meteoric rise in their respective market shares in Russia, capitalizing on the departure of competitors such as Volkswagen and Toyota.
In another noteworthy development, China’s military truck exports to Russia have experienced a phenomenal surge. This year alone, nearly 30,000 military trucks were exported, a staggering increase of almost sevenfold compared to the previous year, as reported by the Nikkei Asia portal.