China ranks third in world for exports of automobiles| MENAFN.COM

Thursday, 23 March 2023 03:01 GMT

China ranks third in world for exports of automobiles

(MENAFN) China is going to be the third-largest exporter of vehicles in the world in the last year, according to figures from the China Passenger Car Association, which Bloomberg quoted earlier the current week. Shipments of autos from China to foreign markets are going to surpass 2.5 million units in that year.

China's data showed a formidable competitor to the established automaking powers, coming in after Japan and Germany but ahead of the United States and South Korea.

The Middle East and Latin America now have some of the best-selling Chinese brands. The majority of Chinese-made vehicles sold in Europe are electric Tesla models and vehicles from previous European manufacturers now owned by China (as well as European names as Dacia Spring and the BMW iX3).

Numerous domestic brands, like BYD and Nio, have surged in popularity as well. BYD, which is supported by Warren Buffett's Berkshire Hathaway, has been successfully capturing markets for its electric vehicles in industrialized nations like Australia.

Separate figures from the China Association of Automobile Manufacturers (CAAM) shows that in the last year, China's mainland exports of automobiles would total 3.11 million units, making it the second-largest car exporter in the world behind Japan.


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