[RahulNagaraj]

According to a report by S&P Global, China has overtaken Japan to become the world's largest car exporter in Q1 2023. The country recorded 1.5 million exports between January & April 2023, translating to a year-on-year growth of 76%.

China took the second spot from Germany, at the end of 2022 when it exported 3.32 million vehicles, registering a 57% growth.



The reports state that SAIC & Cherry are leading the pack, with BYD & Geely showing great export potential. China also took advantage of the drastic changes in Russia's automotive sector following the war in Ukraine. Apart from the local Lada, GAZ & UAZ, most other car brands in Russia come from China. Russia is said to account for 5% of China's vehicle exports, which is expected to grow further.

Mexico is China's largest export market, accounting for 8% of the total number in 2022. In Europe, China has a strong market in Belgium and the UK, accounting for 6% and 4% of the total exports, respectively. China's SAIC uses the MG brand in Europe to help sell more vehicles. Brands like BYD, on the other hand, are working on building factories in Europe, which should help in the near future.



However, China also has a few tough markets in terms of exports. These include the likes of the USA, India & Turkey. The USA has imposed a 25% tariff on Chinese-built models, while governments in India & Turkey do not favour imported vehicles from China.

Source: CarScoops

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