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According to industry data, foreign automakers that have been losing market share to domestic competitors in China have boosted their exports from the largest auto market in the world, which accounted for more than a fifth of all vehicle exports from the nation last year.
According to estimates, China will surpass Japan as the world's top auto exporter in 2023, primarily due to the strength of agile local companies such as Chery, SAIC, Geely, and BYD. However, 18 international automakers, led by Tesla, also exported 910,000 vehicles from China in the previous year, making up 22% of the country's total 4.1 million vehicle exports, according to data from the China Association of Automobile Manufacturers (CAAM).
From its Shanghai plant, the company's largest facility globally, Tesla alone exported 344,000 EVs to Asia, Europe, Australia and New Zealand. Ford Motor and General Motors were also among the biggest exporters, with their combined exports rising 21% from 2022.Legacy foreign brands are now adjusting their China strategy to boost exports.
Ford, for example, exported 69% of its Territory SUV, which was developed specifically for the China market, last year. South Korea's Kia Corp more than doubled its China exports last year to send the majority of its China car output outside the country. Japanese and German brands also boosted exports from China.
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