There's a new king of the global auto market. The global shift to electric cars, signified by companies like Tesla and BYD, has helped China's carmakers potentially reach two important milestones, unseating once-dominant players and unnerving legacy automakers in Europe, Japan and the U.S.
Chinese carmakers exported 3.83 million passenger cars in 2023, a 62% increase from the year before, the China Passenger Car Association (CPCA) estimated during a press conference on Tuesday. That would mark the first time its exports have surpassed those of Japan—Japanese carmakers exported 3.5 million cars between January and November, according to Reuters. The CPCA estimated that 5.26 million vehicles in total were exported from China, compared to 4.3 million from Japan.
Chinese brands also outsold foreign carmakers inside China, taking 52% of the domestic market, up 4.6 percentage points from the year before. READ MORE...
