China’s total car exports rose 58 percent to 4.9 million vehicles last year. Deliveries to the Russian market, from which a number of Western car companies left as a result of the war in Ukraine, contributed significantly to the growth. This is according to today’s data from the China Association of Automobile Manufacturers (CAAM).
Rapid growth
According to more detailed data for the period from January to November, car exports to Russia reached 841,000 cars. Russia was thus the largest importer of cars from China. In second place, Mexico followed with a great distance, wrote the DPA agency.
Exports of passenger cars from China increased by almost 64 percent to 4.1 million vehicles last year. China could thus replace Japan as the largest exporter of passenger cars in the world. Data on exports from Japan for the whole of last year is expected at the end of the month. In the period from January to November, Japan exported 3.6 million cars, according to the AP agency.
Chinese automakers are expanding significantly in foreign markets as they seek new opportunities for growth amid a slowing Chinese economy.
End of growth
SAIC Motor remained China’s largest car exporter last year. Second place was taken by Chery Automobile, which benefited from significant growth in sales to Russia. It was followed by Zhejiang Geely Holding Group and Chongqing Changan Automobile.
This year, however, car exports from China could face obstacles. It is assumed that the rapid growth of Chinese car companies in Russia will stop due to the stabilization of the market there. In addition, the European Union last year began investigating subsidization of electric car production in China, and some countries, including the United States, are considering increasing import tariffs, according to Bloomberg, one of the executives of the CAAM union said.
source: ČTK
