12:19 - 29.12.2023

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December 29, Fineko/abc.az. China is on track to become the world's top automobile exporter on an annual basis for the first time, thanks to bigger footholds in Russia and Mexico and a growing global electric vehicle (EV) industry.

ABC.AZ reports that China exported 4.41 million autos from January to November, up 58% from the same period last year, according to preliminary data from the China Association of Automobile Manufacturers (CAAM).

That puts it ahead of former export leader Japan, which saw a 15% rise to 3.99 million autos in the first 11 months of the year. Japan's full-year total is expected to come in at around 4.3 million.

The last time Japan fell from the top spot was in 2016, when it was overtaken by Germany.

One of the main factors in strengthening China's position was an increase in sales in the Russian market, from which European and Japanese companies withdrew as a result of sanctions. In the first 11 months of 2023, China delivered about 730,000 cars to Russia, which is 7-fold more than in 2022.