Exports of electric vehicles and hybrids from China more than doubled in March, reaching a record 349,000 units, according to data released on Thursday by the China Passenger Car Association.
Overseas shipments increased by 140% compared to last year, as the global energy shock from the war in Iran renewed interest in electric vehicles. BYD Co., the world's largest electric vehicle manufacturer, accounted for about a third of total exports, while Geely Automobile Holdings Ltd. and Chery Automobile Co. ranked second and third among exporters for the month.
The growth of exports contrasts with the weakness of the domestic market in China, where total sales of electric vehicles and hybrids fell by 14% to 848,000 units in March, marking the third consecutive month of decline. The fall in the first quarter was the first for this period since 2020.
Internal sales of BYD fell by more than 40% in March, while sales of Tesla Inc. in China decreased by 24%. Deliveries from the Tesla factory in Shanghai increased by about 9% compared to last year.