Foreign carmakers which have been losing market share to local rivals in China have boosted exports from the world’s largest auto market, accounting for more than a fifth of the country’s total vehicle exports last year, industry data showed, according to Reuters.
The report noted China was estimated to have overtaken Japan as the world’s largest auto exporter in 2023, thanks largely to the strength of nimble local companies such as Chery, Geely and BYD.
Go deeper with GlobalData
But 18 foreign brands, led by Tesla, also exported 910,000 cars from China last year, accounting for 22% of the total 4.1m units of China car exports, data from the China Association of Automobile Manufacturers (CAAM) showed.
Tesla alone exported 344,000 EVs from its Shanghai plant, its biggest factory worldwide, to Asia, Europe, Australia and New Zealand, the Reuters report said.
Ford 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 China, last year.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataReuters said Kia more than doubled its exports last year to send the majority of its China car output outside the country.
Japanese and German brands also boosted exports from China, the report added.
