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China's EV Exports Crash Hard Even If America's Neighbor Can't Get Enough
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 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.
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.
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.
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.
https://www.msn.com/en-us/money/markets/china-s-ev-exports-crashed-hard-even-if-america-s-neighbor-can-t-get-enough/ar-AA1Co6aq?ocid=msedgntp&pc=LCTS&cvid=09a4b43a495a49c6a40b4814371b08b4&ei=18