China claims top exporter crown

China is believed to have overtaken Japan as the world’s largest automotive exporter after shipping out a record 3.83 million cars in 2023.

The China Passenger Car Association says the figure was an increase of 62 per cent on the previous year. It also looks set to put it ahead of Japan, where customs data shows 3.5m light vehicle exports in the first 11 months of the year, excluding second-hand vehicles.

China’s total vehicle exports, including larger trucks and buses, were predicted to hit 5.26m last year, while Japan's full-year exports were forecast to reach about 4.3 million, according to the association. 

The rise of electric vehicle (EV) makers has bolstered China’s activity, with marques such as BYD and Tesla contributing to the export boom, reports Reuters.

China’s automotive market is the world’s biggest and domestic light-vehicle sales rose 5.3 per cent to 21.93m, which was the third consecutive year of growth.

Sales of battery EVs in China increased 21 per cent last year after a 74 per cent jump in 2022, while registrations of plug-in hybrids were up by 83 per cent and 161 per cent in the same respective periods.