China EV exports surge to record as domestic sales fall

Investing.com -- China's electric vehicle and hybrid exports more than doubled in March to a record 349,000 units, according to data released Thursday by the China Passenger Car Association.

Overseas shipments jumped 140% from a year earlier as the global energy shock from the Iran war renewed interest in electric vehicles. BYD Co., the world's largest EV maker, accounted for about a third of total exports, with Geely Automobile Holdings Ltd. and Chery Automobile Co. rounding out the top three exporters for the month.

The export surge contrasts with weakness in China's domestic market, where total sales of EVs and hybrids fell 14% to 848,000 units in March, marking a third consecutive monthly decline. The first-quarter drop was the first for the period since 2020.

BYD's domestic sales fell more than 40% in March, while Tesla Inc.'s sales in China dropped 24%. Shipments from Tesla's Shanghai factory rose about 9% from a year earlier.

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