China’s ascendance in the electric car market led to surpassing Japan as the world’s largest vehicle exporter last year, according to official data on Wednesday. While Japanese automotive giants like Toyota and Nissan focused on hybrids, China’s commitment to electric vehicles was evident in the export numbers.
The Japan Automobile Manufacturers Association reported a 16% increase in shipments to 4.42 million vehicles, but China outpaced with nearly 500,000 more exports, totaling 4.91 million vehicles, according to the China Association of Automobile Manufacturers. The customs bureau of China recorded an even higher number at 5.22 million, marking a significant 57% YoY increase, with one in three vehicles being fully electric. This data solidifies China’s position as the world’s leading vehicle exporter for the entire year.
Unlike Chinese companies, Japanese automakers, including Toyota, reaffirmed on Tuesday as the world’s largest company by unit sales, also engage in significant overseas vehicle production. In 2022, Japan’s vehicle production, excluding motorcycles, amounted to 7.84 million units, while overseas production nearly doubled at almost 17 million.
Japanese manufacturers have traditionally focused on hybrids, combining battery power and internal combustion engines, exemplified by models like the Toyota Prius. However, they are intensifying their efforts, with Toyota aiming to annually sell 1.5 million EVs by 2026 and 3.5 million by 2030. Additionally, the company is working on mass-producing solid-state batteries for faster charging and increased EV range.
Despite strong government support, Chinese EV firms, notably BYD, have outpaced established rivals like General Motors, Volkswagen, and Toyota. In the fourth quarter of 2023, BYD even surpassed Tesla in all-electric vehicle sales.
While Chinese EV success has led to impressive financial results, it has also raised concerns among Western regulators about unfair competition. The European Commission is investigating Chinese state subsidies, potentially leading to the imposition of import duties by the European Union. To address these concerns, BYD plans to build more factories abroad, including a $600 million plant in Brazil and another in Hungary.
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