China to solidify its position as world’s top car exporter in 2024 as it banks on manufacturing heft: UBS
- Battery-powered vehicles will account for 30 per cent of China’s total car exports of 5 million units this year, according to a forecast by the Swiss bank
- Chinese carmakers exported 4.4 million cars in the first 11 months of 2023 versus 3.99 million units by Japanese assemblers
The Swiss bank said Chinese carmakers are likely to brush aside hurdles, such as the anti-subsidy investigations launched by the European Commission (EC) into the country’s electric vehicle (EV) industry.
Battery-powered vehicles will account for 30 per cent of China’s total car exports this year, UBS analyst Paul Gong said at a media briefing on Tuesday.
“Chinese electric-car makers enjoy an advantage in terms of technology,” he said. “Aside from high-performance batteries, they also have good command of some manufacturing techniques, which make production processes simpler and cost effective.”
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China was already on track to becoming the world’s largest car exporter in 2023, having exported 4.4 million units in the first 11 months, an increase of 58 per cent from 2022, according to data from the China Association of Automobile Manufacturers.
In the same period, Japanese carmakers, the world’s top exporters in 2022, sold 3.99 million units abroad, according to data from the Japan Automobile Industry Association.
