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According to data released by the Japan Automobile Manufacturers Association (JAMA), China will become the world’s largest automobile exporter in 2023, with exports reaching 4.91 million vehicles, surpassing Japan’s 4.42 million vehicles. China Customs statistics are even higher, at 5.22 million vehicles, a year-on-year increase of 57%.
China’s automobile exports not only surpassed Japan’s on a monthly basis, but also ranked first throughout the year. In comparison, Japanese manufacturers such as Toyota, although the world’s largest company by sales, produce more cars in other countries. China’s auto industry is booming largely due to massive investment in electric vehicles, while Japanese companies have been cautious in this regard.
BYD became the sales champion of all-electric vehicles and received support from the Beijing government to compete on price with Tesla.
(Source: Reuters Image source: freepik)
