China set to become world's largest car maker
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READING:
China will be the largest car exporter for the first time. In the first quarter of 2023, it overtook Japan and Germany. Chinese companies exported over 1.06 million vehicles in the first three months of 2023. Japan exported 1.05 million. China's car industry has advanced a lot. Throughout the 2010s, it produced around a million cars a year. China will quadruple production from four years ago to be the world's largest car exporter.
China is also number one for electric vehicles (EVs). Tesla has a giant "gigafactory" in China. The factory exports many cars to Canada, Europe and Japan. Tesla will soon lose its crown as the top EV maker to China's BYD. Last month, BYD launched a compact EV with the low price of $11,000. The top country China exports cars to is Russia. Exports to Russia increased after Western countries put trade sanctions on Moscow.
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