China’s automotive exports surged 73% year-over-year in May as high gasoline prices revived interest in electric vehicles (EVs).
The China Association of Automobile Manufacturers said that 809,000 vehicles were exported from the Asian nation in May.
Of that total, exports of fully electric vehicles and plug-in hybrids accounted for 435,000 units, more than double the number from a year earlier.
Chinese automakers such as BYD have accelerated their overseas expansions, targeting markets such as Latin America and Europe.
However, while foreign exports of Chinese-made vehicles soared in May, domestic passenger car sales declined 23% during the month from a year earlier to 1.44 million vehicles.
May marked the seventh consecutive month of year-over-year declines in China’s domestic market. Sales of gasoline-powered cars fell 42% from a year ago.
China’s domestic economy is still recovering from a sharp downturn in consumer spending following the Covid-19 pandemic.
Swiss bank UBS (UBS) forecasts that China’s annual passenger car exports will rise about 40% for all of this year, with electric vehicle (EV) exports growing 80%.
Roughly one in four new cars (25%) sold globally were electric in 2025, according to the International Energy Agency (IEA).
Electric vehicle sales could reach 23 million units this year and make up nearly 30% of all cars sold around the world, adds the IEA.
China is the world's largest producer of electric vehicles.
