China’s Road to Dominance: How it Plans to Leave Japan in the Dust as the World’s Top Car Exporter
According to the report, China is quickly closing the gap with Japan in terms of car sales. In the June quarter alone, there was an average shortfall of around 70,000 vehicles per month, significantly less than the almost 171,000 shortfall recorded during the same period last year. This shows a positive trend for China’s automotive industry and highlights its potential for continued growth.
According to economists at Moody’s, China is poised to surpass Japan by the end of this year, marking a significant development in the global rankings. Japan has held onto this coveted position since 2019. The rapid pace of China’s growth is a testament to its impressive progress and potential for future success.
Moody’s economists have confidently stated that China is poised to surpass Japan on the global ranking by the end of this year. This prediction marks a significant shift in the longstanding position that Japan has held since 2019.
According to a recent report from the credit ratings agency, China has been making significant advancements in the car industry. Despite the challenges of the pandemic, China managed to surpass both South Korea and Germany, emerging as the second-largest car exporter. This impressive feat has certainly caught everyone’s attention and showcases China’s growing influence in the global automotive market.
China’s electric vehicle (EV) industry has witnessed remarkable growth in the first half of 2023. EV export receipts have doubled compared to the same period last year, showcasing China’s dominance in this market. In contrast, Japan and Thailand are still struggling to rebound from the impact of the pandemic, as their overall auto exports, including both traditional vehicles and EVs, have not yet reached pre-pandemic levels. This further highlights China’s strong position as a global leader in the EV sector.
China has undeniably established itself as a dominant force in lithium-ion battery cell production. This advantage has not gone unnoticed, with Moody’s recognizing it as a significant factor that contributes to the competitive edge of Chinese car manufacturers in terms of producing electric vehicles at lower costs.