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China outpaces Japan in global vehicle exports for 2023

IFM_China Japan
China's auto sector has experienced rapid growth in recent years, partially due to investments in electric cars, an area where Japanese firms have been more hesitant

According to recent data from the Japan Automobile Manufacturers Association (JAMA), China has surpassed Japan as the world’s largest exporter of vehicles.

In 2023, Japan exported 4.42 million vehicles, while China exported 4.91 million, according to the China Association of Automobile Manufacturers (CAAM).

However, China’s customs bureau reported an even higher number of 5.22 million vehicles, which represents a massive year-on-year increase of 57%.

Although China had already been exporting more vehicles than Japan on a monthly basis, this data confirms that it has now become the world’s largest vehicle exporter for a full year.

Japanese automakers like Toyota, who were re-confirmed as the world’s largest company by unit sales, produce a significant number of vehicles in countries other than Japan.

On the other hand, China’s auto sector has experienced rapid growth in recent years, partially due to investments in electric cars, an area where Japanese firms have been more hesitant.

Instead, Japanese manufacturers have focused on hybrids, which combine battery power and internal combustion engines, an area they previously pioneered with the Toyota Prius.

Meanwhile, the Chinese company BYD, which has benefited from the Chinese government’s strong support for the electric car industry, recently surpassed Tesla in terms of the number of electric vehicles sold.

BYD started as a battery manufacturer in 1995 and expanded into producing plug-in hybrid and all-electric vehicles.

The Shenzhen-based company competes with Tesla on price in China and Europe.

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