By Garvit Vyas, 25 May, 2023
China has become the largest car exporter and has overtaken Japan in the first three months of 2023. China has exported 1.07 million vehicles in this period, which is up 58 percent as compared to the first quarter of 2022, as per the official figures released in May. Japan's vehicle export has also risen 6 percent from 2022.
The demand for electric cars and sales to Russia has boosted China's exports. In 2022, China overtook Germany to become the world's second-largest car exporter. China exported almost 3.2 million vehicles in 2022 compared to Germany's 2.6 million vehicle exports, per the data given by China's General Administration of Customs.
According to BBC, the shift from fossil fuels in China has helped China's motor industry to rise. In the first quarter of 2023, the exports of new energy vehicles (NEVS), including electric cars, rose by more than 90 percent compared to 2022.
Elon Musk's Tesla has a huge manufacturing plant in Shanghai that exports to Japan and Europe. Tesla's Gigafactory also produced 1.25 million vehicles per year. The company also aims to increase its capacity further. China's exports to Russia also surged since the start of the geopolitical war as the Western countries had imposed trade sanctions on Moscow. Chinese carmakers Chery, Geely, and Great Wall also saw their market share in Russia jump as rivals like Toyota and Volkswagen quit India in 2022.
Garvit Vyas
Analyst
The most advanced graphic cards Nvidia’s are selling more than $40,000 on eBay, as demand rises for chips to train and deploy the artificial intelligence software. In March 2023, the company has announced several initiatives to broaden it reach in…
With rising market on the newly launched ChatGPT, there has been some rumours that Google has copied Microsoft-owned OpenAI’s ChatGPT to train its AI chatbot called Bard. However, Google denied the reports of doing anything like this kind.
According…
The United States economy adds up jobs quicker in March 2023. With this, the unemployment rate goes down to 3.5 percent. This signs persistent labor market closeness, which would witness the Federal Reserve raising interest rates again in May 2023.
…
Walt Disney is supposed to lay off thousands of more workers this week as it wants to slash 7000 jobs by the summer 2023. This marks second round of job cuts after a first round that began in March 2023.
Life expectancy has increased all around the world and the gap between highly developed countries and rest of the world is gradually diminishing day by day. There are multiple factors leading to the global progress with good access to sanitation,…