China Surpasses Japan as Largest Auto Exporter, Fueled by Electric Vehicle Growth
🇨🇳 China Surpasses Japan as Largest Auto Exporter, Fueled by Electric Vehicle Growth.
China has surpassed Japan as the largest auto exporter during the first half of the year, exporting 2.34 million vehicles compared to Japan's 2.02 million, marking the first time this has occurred at the half-year mark. This achievement is attributed to the rapid growth of electric vehicle (EV) exports from China, with Chinese EV manufacturers aggressively expanding into Western markets and emerging markets alike. Companies like Xpeng, Nio, BYD, and Zeekr are making significant strides in international expansion, driven by China's strong position in the EV supply chain and government support for the sector. However, the challenge for Chinese passenger vehicles remains building brand recognition in competitive Western markets.
Oil traders have cut their net long positions in Brent and WTI due to concerns over China's economy.