Get the best experience by installing our app!

0:00

China surpassed Japan as the largest vehicle exporter in the world last year, according to data released by the Japan Automobile Manufacturers Association (JAMA) on Wednesday.

According to the China Association of Automobile Manufacturers (CAAM), Japan exported 4.42 million vehicles in 2023. In comparison, China shipped 4.91 million vehicles during the same period. However, China's customs bureau reported an even higher number of 5.22 million vehicles, indicating a significant year-on-year increase of 57 percent.

China has surpassed Japan in monthly vehicle exports, and the latest data from Wednesday confirms that China has maintained this position for an entire year. In contrast, Japanese automakers, such as Toyota, which was reaffirmed as the world's largest company by unit sales on Tuesday, also produce significant quantities of vehicles in other nations.

Japanese car manufacturers have made a commitment to enhance their performance, as Toyota sets its sights on selling 1.5 million electric vehicles (EVs) per year by 2026 and 3.5 million by 2030. Additionally, the company has made substantial investments in battery technology and is placing great confidence in its ability to achieve large-scale production of solid-state batteries.

Although this technology has yet to be fully proven on a significant level, it holds the potential to revolutionize the industry by enabling faster charging times and significantly extending the driving range of electric vehicles compared to traditional ones.

The rapid growth of China's automotive industry can be attributed to substantial investments in electric vehicles, a sector in which Japanese companies have exercised more caution. Instead, Japanese manufacturers have focused on hybrids that integrate battery power and internal combustion engines, a field they pioneered with the introduction of the Toyota Prius. However, Chinese company BYD recently surpassed Tesla in terms of sales for all-electric vehicles, benefiting from the strong government backing provided by Beijing to foster the development of this emerging sector.

In 1995, BYD was established as a battery manufacturer and subsequently shifted its focus towards the production of plug-in hybrid and all-electric vehicles. This Shenzhen-based company now competes with Tesla in terms of pricing, both in China and Europe.

Join with us

Send

Subscribe Now

Keep updated with the latest news!