South Korean media: China's passenger vehicle exports surged 73% in May!
On July 12, South Korea's JoongAng Ilbo published an article stating that China's passenger vehicle exports increased by 73% year-on-year in May, reaching approximately 809,000 units.
Data from the China Association of Automobile Manufacturers shows that exports of pure electric vehicles and plug-in hybrid electric vehicles rose more than twofold in May, reaching about 435,000 units—accounting for over half of total exports—and surpassing April’s export volume of around 796,000 units.
Chinese automakers such as BYD are intensifying their overseas expansion efforts, targeting markets in South America, Asia, and Europe.
The China Association of Automobile Manufacturers reported a sharp decline in domestic passenger vehicle sales in May, falling 23.4% year-on-year to 1.44 million units—the seventh consecutive month of decline. With the increasing share of electric vehicles, sales of internal combustion engine vehicles—including gasoline and diesel-powered cars—declined by nearly 42% year-on-year.
UBS analysts predict that China’s annual passenger vehicle exports will grow by approximately 40% by 2026, while electric vehicle exports are expected to increase by about 80%.
UBS stated: “High oil prices have further boosted interest in electric vehicles. Although China’s auto exports have outperformed expectations in the first few months of this year, domestic car sales have fallen short of expectations.”
S&P forecasts that China’s passenger vehicle exports will remain robust through 2026, growing by 30% to 50% annually.
In its latest annual Global Electric Vehicle Outlook report released in May, the International Energy Agency (IEA) noted that one-quarter of all new vehicles sold globally last year were electric vehicles. Although growth slowed slightly at the beginning of this year, the agency expects this figure to accelerate.
The IEA predicts that global electric vehicle sales could reach 23 million units by 2026, accounting for nearly 30% of total vehicle sales.
China is the world’s largest producer of electric vehicles, supplying the majority of EVs worldwide.
China’s largest EV manufacturer, BYD, recorded overseas sales exceeding 160,000 units in May—a year-on-year increase of 80%. The company aims to achieve overseas sales of 1.5 million units this year, representing an increase of over 40% compared to last year’s 1.05 million units. Based on last year’s sales figures, BYD surpassed Tesla to become the world’s largest pure electric vehicle manufacturer.
Original source: toutiao.com/article/1870492816449552/
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