China will become the world’s largest automobile exporter for the first time in 2023, thanks to increased supply to the Russian and Mexican markets. In this respect reports TASS cites the Nikkei newspaper.
Thus, in the January-November period, Chinese automobile exports increased by 58.4% and reached 4.41 million units. One of the main factors that strengthened China’s position was the increase in sales in the Russian market. China supplied 730 thousand vehicles to Russia in the first 11 months of 2023. This is seven times more than in the same period in 2022.
Mexico ranks second in exports. During the year, Chinese automobile supply to this country increased by 71% to 330 thousand units.
Before that, the Ministry of Industry and Trade announced that the Russian automobile market would begin to recover and the sales level could reach 1.3 million units in 2024. The department stated that the sales volume in 2026 will correspond to the average annual sales volume in 2015-2021. The market will gradually grow by 1% per year from 2027. Thus, by 2030 the Russian automobile market will reach the level of 1.8 million cars per year, and by 2035 the sales volume will reach 1.9 million cars per year.
With data Director of Orekhovo-AvtoTsentr Group of Companies Ilya Titov noted that sales of Chinese cars in Russian dealerships have fallen by 60% since October after a sharp increase in the key interest rate of the Central Bank. According to the expert, buying a car on credit with 20 percent annual interest is not profitable for the buyer, and it is cheaper to use car sharing or a taxi.
Previously reportedRussians now have money to buy new cars.