China on track to become world's largest auto exporter

April 24, 2023 (MLN): China has become the second largest auto exporter, lagging behind Japan, the top auto exporter as the country surpassed Germany and exported three million auto vehicles in 2022.

While in 2021 and 2020, China outpaced the USA and South Korea by exporting two million and one million vehicles, respectively.

Within the first quarter of 2023, its auto exports surged by 71% YoY, to 994,000 units, indicating a strong momentum for further expansion in the future.

China’s vehicle market is on the path to becoming the world’s largest auto exporter in terms of volume, trailing only Japan, which presently holds the top rank.

Experts are of the view that the country will likely export four million vehicles in 2023.

On the domestic front, the sales of high-end passenger vehicles produced in China continued to expand rapidly in March, data from the China Association of Automobile Manufacturers showed.

During the period, around 355,000 domestically produced high-end passenger cars were sold in China, expanding by 16.8% MoM, according to the association.

A total of 943,000 domestically produced high-end passenger vehicles were sold in China during the first quarter of this year, up by 2.4% YoY.

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