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China’s passenger car exports are up 80% in June as EV demand grows, while sales drop at home
AP News • • business
Key Points:
- China’s passenger car exports surged 80% in June compared to a year earlier, driven mainly by strong demand for electric vehicles, despite a 26% decline in domestic sales.
- In the first half of 2024, Chinese passenger vehicle exports increased 72% to over 4.4 million units, while domestic sales remained higher at nearly 8.3 million vehicles.
- The domestic car market faces challenges from intense price competition, a sluggish property market affecting consumer budgets, and reduced government support for EV purchases.
- Chinese automakers like BYD are expanding overseas and establishing factories abroad to improve profitability, with exports expected to grow 30-50% in 2026, potentially reaching 10 million vehicles.
- Efforts to enter new markets include Canada’s approval of an annual import quota for Chinese EVs, though U.S. tariffs and bans, such as on Polestar, continue to limit access to the American market.
