Bloomberg reports that China in 2022 ranked third in car shipments after Japan and Germany, ahead of the US and South Korea.
Overseas shipments of cars made in China have tripled since 2020, according to the China Passenger Car Association. Last year their number exceeded 2.5 million. This is only 60,000 less than Germany supplied, whose exports have declined in recent years. Everything goes to the fact that China will soon come in second place after Japan.
Chinese brands are currently the market leaders in the Middle East and Latin America. In Europe, Chinese-made vehicles sold are mainly electric Tesla models and Chinese-owned former European brands such as Volvo and MG, as well as European brands such as Dacia Spring or BMW iX3, which are made exclusively in China.
Chinese brands such as BYD and Nio are also on the rise, seeking to dominate the world of new energy vehicles. Sponsored by Berkshire Hathaway Inc. Warren Buffett’s BYD is attracting electric vehicle buyers in developed countries such as Australia.
According to Xu Haidong, deputy chief engineer of the China Automobile Manufacturers Association, this is just the beginning. The goal is to sell 8 million passenger cars overseas by 2030, more than double Japan’s current shipments, he said.