Japan data confirms country No 1 exporter

Data from a Japanese auto industry association show that China overtook Japan as the world's largest vehicle exporter in 2023. The Japan Automobile Manufacturers Association reported Japan exported 4.42 million vehicles in 2023, up 16 percent from 2022, while domestic auto sales totaled nearly 4.78 million. According to figures released earlier by the China Association of Automobile Manufacturers, China exported 4.91 million vehicles in 2023.That was nearly 58 percent more than 2022. Much of the increase was driven by shipments of electric and hybrid vehicles. Japan's car exports totaled 4.2 million in 2022. It had held the role as top exporter since 2017. Overall, auto sales in Japan have been mostly on the decline since 2000.

Nation's used vehicle trade up almost 15%

China's used vehicle sales increased 14.88 percent with more than 18.41 million units traded in 2023, data of the China Automobile Dealers Association showed on Thursday. The total transactions were valued at 1.18 trillion yuan ($165.81 billion).Sales of secondhand new energy vehicles reached 763,000 units, up 42 percent year-on-year. The used vehicle market showed strong resilience, with the transaction scale expanded and cross-regional circulation improved under the support of policy measures on removing hurdles in the sector, said the association.

CATL and Didi start battery joint venture

Chinese battery giant CATL and ride-hailing company Didi announced last week to set up a joint venture focusing on battery-swapping technology. They seek to leverage their strengths to make headway in China's electric vehicle charging infrastructure market. The tie-up will see the companies work closely to "swiftly build out battery-swapping stations and promote vehicle support for swapping technology", according to a statement by CATL. The joint venture will improve the efficiency of public EV charging and make the transport sector greener, CATL said. It will also leverage the firms' technological and operational advantages by serving Didi's EV fleet from the offset.

BYD store to open in German capital

Chinese new energy vehicle giant BYD's models on sale in Germany will be showcased at a new BYD-only store in Berlin run by dealership Sternauto. It is the latest sign that the carmaker is rapidly encroaching on European competitors' turf. Sternauto, which has exclusive rights to sell BYD cars in eastern Germany, set up the store to get closer to customers. Awareness of the brand is growing among Germans seeking an affordable electric vehicle. "One of the biggest topics for BYD is that it is not that familiar to German customers," said Oliver Hein, head of BYD for Sternauto. But recognition is growing "exponentially" as the brand invests heavily in marketing, he added. The carmaker has set its sights overseas with new manufacturing sites under construction in Hungary, Brazil and Thailand.

Polestar funds link severed, says Volvo

Volvo Cars said on Thursday it would stop funding Polestar Automotive Holding and was handing responsibility for the struggling luxury car brand over to Volvo's top shareholder, Geely Holding. The announcement sent the Swedish automaker's stock up more than 30 percent at market open. The heavy involvement by Swedish-listed Volvo Cars in Polestar, where it owns around 48 percent of the shares, has been criticized by analysts who see the stake as a drag on Volvo's resources. The automaker said earlier this month that it had missed its reduced delivery targets for 2023. Polestar's shares are down more than 83 percent since it went public in June 2022 via a merger with a special purpose acquisition company, or SPAC.