“China Becomes World’s Largest Car Exporter, Boosted by Demand for Electric Cars”

China overtook Germany to become the world’s second largest car exporter last year.

According to China’s General Administration of Customs, China exported 3.2 million vehicles in 2022, compared to 2.6 million vehicles for Germany.

The shift away from fossil fuels in the auto industry helped China achieve these sales.

In the first quarter of this year, new energy vehicle exports, which include electric cars, increased by more than 90 percent compared to the previous year.

SAIC, the Chinese arm of Tesla, owner of the MG brand – and BIDED, backed by veteran US investor Warren Buffett, are among China’s largest exporters of NEVs.

Elon Musk’s electric car maker owns a huge factory in Shanghai that exports to other regions, including Japan and Europe.

The aforementioned Tesla factory can produce 1.25 million cars annually at the present time, and the company plans to increase its production capacity.

Last month, Tesla began producing the Model Y sports car for export to Canada.

China has also seen an increase in exports to Russia since the outbreak of the Ukraine war, as Western countries imposed trade sanctions on Moscow.

Over the past year, Chinese automakers including Geely, Chery and Great Wall have seen their market share rise in Russia, after major competitors including Volkswagen and Toyota left. country, after the invasion of Ukraine.