China Remains the World’s Largest Vehicle Exporter in H1-2023

China which surpassed Japan earlier this year to become the largest vehicle exporter of the world has maintained its supremacy towards the end of the first 6 months of this year.

According to the China Association of Automobile Manufacturers (CAAM), China exported 2.341 million vehicles between January and June 2023, witnessing a year-on-year increase of 76.9%. This translates into $46.42 billion USD in revenue. In comparison, Japan exported 2.02 million vehicles during the first half of this year, a year-on-year increase of 17%, according to the Japan Automobile Manufacturers Association (JAMA).

Related: China Surpassed Japan to Become World’s Largest Vehicle Exporter in Q1, 2023

Among Chinese players, SAIC leads the exports charts with a volume of 483,000 vehicles and is anticipated to export 1.2 million vehicles by the end of this year. The bulk of SAIC’s export volume came from its MG brand, which sold 370,000 vehicles globally in H1-2023. Chery was in second place with 394,000 vehicle exports while surprisingly Tesla China was in third place among leading exporters with 182,000 units shipped during the discussed period. Other leading exporters in the top 10 include Changan, Great Wall Motors, Geely, Dongfeng, JAC, BYD, and BAIC.

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Earlier at the China Automotive Forum, Fang Yinliang, Global Managing Partner of the management consulting firm McKinsey & Company, shared that the insufficient capacity of European automakers to supply locally in the next two to three years has created a unique opportunity for Chinese automakers to meet this market demand. It is important to note that, according to the Chinese Ministry of Commerce, new energy vehicles made up 42.9% of the total export value of all Chinese goods in the first four months of this year and contributed to 51.6% of the export of automobiles.

Related: Russia is Now China’s #1 Export Destination

Chinese automakers continue to expand their foreign new energy vehicle sales network, taking advantage of this amazing opportunity. According to SunXiaohong, Secretary-General of the China Chamber of Commerce for Import and Export of Machinery and Electronic Products, China’s vehicle export value is expected to surpass the $80 billion USD mark by the end of 2023.

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