Exports of EVs from China fell 18 percent overall but some markets were down a staggering 50 percent
2 hours ago
- China’s auto industry export drive has hit bumpy ground, new figures show.
- EV exports have slumped by 18 percent across the globe, Bloomberg says.
- Sales to Spain and Korea halved and exports to Belgium dropped 41 percent.
It turns out the unstoppable rise of Chinese EV exports might not be so unstoppable after all. For Western carmakers fretting about the growing threat posed by a maturing Chinese industry, we’ve got some welcome news. Exports of EVs from the Asian country have dropped by almost one fifth.
The number of electric vehicles leaving the country was down by 18 percent to 92,625 in February compared with the same month in 2024. That’s according to numbers from China Customs crunched by the analysts at Bloomberg.
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A combination of tariffs on Chinese imports in Europe, the loss of government incentives, a rise in demand for PHEVs and a drop in demand for Tesla’s cars through a combination of people waiting for the facelifted Model Y and not wanting to be associated with CEO Elon Musk are partly to blame.
A Bigger Dip in Key Markets
The overall -18 percent figure disguises some much more worrying drops in demand in some key markets. Because while Thailand’s 17 percent slide to 6,252 units tallies with the total reduction, in some countries the number of imports from China halved – and it’s worth noting that some of those exports are of Chinese-built EVs with Western names.
According to Bloomberg, exports to Korea plummeted 51 percent to 3,151 units and Spaniards showed an almost equal disinterest in buying Chinese EVs: exports to Spain were down 49 percent to 2,664. Belgium’s drop in demand wasn’t quite so bad in pure percentage terms, but looks far more serious when you see just what a big player the country is in China’s export program. It accounted for 10,105 of the 92,625 cars exported in February.
Chinese EV exports by country
Exports to the UAE also make for grim reading. They were down 20 percent to 3,231 units, but not everyone was giving China’s EVs the cold shoulder. The number of cars landing in the UK fell a comparatively modest 2.9 percent to 8,362 and the Philippines was only down 0.9 percent to 8,225.
Some countries even experienced a big jump in a positive direction. Indonesia was up 79 percent, Turkiye was up 131 percent and Mexico just couldn’t get the things off the boast fast enough. Exports there were up 623 percent – though only to 7,847, putting it behind Belgium, Britain and the Philippines.
But looking at the numbers according to region rather than specific countries shows exports were down everywhere except Africa, which still only accounts for one in every 73 Chinese exports, so isn’t worth getting too excited about just yet. Asia remains the biggest destination for exports, taking half of all the EVs moved out of China and exports there dropped only 2.7 percent. But in Europe, which takes almost a third of the 93k total, they fell 30 percent, having only been down 14 percent in January.
Chinese EV exports by region
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