SHANGHAI (Reuters) – Foreign automakers that have been losing market share to local rivals in China have increased exports from the world’s biggest car market, accounting for more than a fifth of the country’s total car exports last year. Industry data reveals that.
China is estimated to overtake Japan as the world’s largest car exporter in 2023, thanks in large part to the strength of nimble local companies such as Chery, SAIC, Geely and BYD.
However, 18 foreign brands led by Tesla also exported 910,000 cars from China last year, accounting for 22% of China’s total car exports of 4.1 million cars, according to data from the China Automobile Manufacturers Association (CAAM). Occupied.
Tesla alone has exported 344,000 EVs from its Shanghai factory, the world’s largest factory, to Asia, Europe, Australia, and New Zealand.
Ford Motor Co. and General Motors Co. are also among the largest exporters, with their total exports increasing by 21% from 2022.
Traditional foreign brands are currently adjusting their China strategies to expand exports.
Last year, for example, Ford exported 69% of its Territory SUV, which was developed specifically for the Chinese market.
South Korea’s Kia Motors more than doubled its exports to China last year, moving the bulk of Chinese car production overseas. Japanese and German brands also boosted exports from China.
(Reporting by Zhang Yan and Brenda Goh; Editing by Kirsten Donovan)