Chinese EV Boom Is Real
Chinese auto boom continues to flare in magnitude. According to data from the Japan Automobile Manufacturers Association (JAMA), China recently surpassed Japan as the world's biggest vehicle exporter. Japanese automobile manufacturers shipped 4.42 million vehicles in 2023, the figures showed. That is compared with the 4.91 million exported by China, as the China Association of Automobile Manufacturers (CAAM) reported. China's customs bureau put the number even higher at 5.22 million, a year-on-year rise of 57 percent.
A huge chunk of credit goes to electric vehicles (EVs) production in China. Reports suggest that China's automobile sales and manufacturing, especially the EV segment, experienced rapid growth during the initial quarter of 2024 despite escalating tensions with Western nations regarding industry-supportive policies. Chinese automakers are making unprecedented moves by placing orders for a record number of car-carrying vessels to bolster the burgeoning export of EVs.
This export surge is projected to lift China to owning the world's fourth-largest fleet by 2028. Presently, China's fleet ranks eighth globally, with a total of 33 car-carrying ships, according to data from Veson Nautical. In comparison, Japan leads with 283 ships, followed by Norway with 102, South Korea with 72, and the Isle of Man with 61. The current Chinese orders, which include 47 new ships, represent a significant 25 percent of the global total. This special issue of CEO Insights Asia delves deeper into the Chinese corporate realm’s leadership ecosystem. Do let us know your thoughts.
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