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Unprecedented Global Demand For Chinese Cars Outstrips Shipping Capacity
The world has become hooked on cheap vehicles from China’s automakers suggests a new report highlighting the flood of cars from the nation. The demand for Chinese-made automobiles is so great that the country doesn’t have enough ships to fulfill the export demand for new cars.
China’s automotive industry is defying the pattern seen in export earnings. In other areas of trade, the country has seen demand for made-in-China goods falter, with overall export figures falling by 5.5 percent in 2023. Meanwhile, export demand for cars has quadrupled in the last three years and has surged by 86 percent through July, with China surpassing Japan as the leading exporter of vehicles this year.
Chinese automakers, for their part, are offering an increasing range of ICE vehicles to overseas consumers at bargain basement prices. The reason could be related to the massive shift in local consumer trends.
Read the whole story on carscoops.com