China's EV, Hybrid Exports Surge to Record High in March

(MENAFN) China's electric vehicle and hybrid exports shattered all previous records in March, as soaring global fuel prices tied to the Iran war drove consumers worldwide toward alternative-energy vehicles at an unprecedented pace.

Overseas shipments of electric and hybrid vehicles surged 140% year-on-year, reaching 349,000 units last month, according to figures published Thursday by the China Passenger Car Association (PCA).

BYD, the world's largest electric vehicle manufacturer, dominated the export surge, accounting for roughly one-third of all units shipped abroad during the month. Geely Automobile and Chery Automobile followed as the second- and third-largest exporters respectively, underscoring China's increasingly firm grip on the global alternative-energy vehicle market.

The dramatic spike was driven largely by climbing fuel costs, which pushed consumers — particularly across Asia — to seek shelter from volatile gasoline prices by switching to electric and hybrid alternatives.

Yet the export boom tells only half the story. Back home, China's domestic auto market continues to struggle under mounting pressure.

Shipments out of Tesla's Shanghai factory climbed approximately 9% year-on-year in March, even as the American automaker's sales within China tumbled 24% over the same period. BYD fared no better domestically, with home sales plunging more than 40%, laying bare the widening gap between overseas appetite and weakening local demand.

Nationwide, combined sales of electric vehicles and hybrids in China slid 14% year-on-year to 848,000 units in March — the third consecutive monthly decline. The PCA also confirmed that the first quarter marked the sector's first contraction for that period since 2020, a milestone that signals deepening structural headwinds for the world's largest EV market.

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