China could surpass Japan as the world’s largest exporter of automobiles by the end of 2023. This refers to data from Moody’s Analytics. informs CNBC.
According to the analysts’ report, the export gap between China and the rating leader Japan at the end of the second quarter decreased to 70,000 cars per month, compared to 171,000 cars a year ago. It was noted that in 2021, China overtook South Korea in terms of deliveries and in 2022 was the second-largest auto exporter ahead of Germany.
Auto exports from China have surpassed pre-pandemic levels, thanks in part to increased demand for electric vehicles. In the report, it was stated that in the first half of 2023, China’s revenue from electric vehicle exports doubled compared to the previous year. Analysts say the advantage of the Chinese auto industry is the production of lithium-ion batteries, which can reduce the cost of producing electric cars.
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