Business
China’s EV makers shine in ‘Golden September’ as exports double, flooding the global market
China’s exports of electric vehicles doubled in September from a year earlier as its automakers expanded their reach into overseas markets.
Domestic passenger car sales climbed 11.2% year-on-year in last month down from a 15% rise in August, the China Association of Automobile Manufacturers said Tuesday.
Exports of “new energy vehicles,” including battery electric vehicles and plug-in hybrids, jumped 100% to 222,000 units in September, the industry organization said. That was slightly lower than the 224,000 units exported in August.
China’s EV makers have been increasingly looking abroad to markets such as Europe and Southeast Asia as overcapacity and price wars back home have pressured their profit margins. They invested more abroad than inside China last year, for the first time since 2014, the U.S.-based consultancy Rhodium Group said in a recent report.
BYD -– one of China’s largest EV makers -– said this month that the United Kingdom has become its largest market outside China. Its sales there rocketed 880% year-on-year in September.
Chinese automakers increasingly are expanding investments in the Middle East and Africa after the European Union, U.S., Canada and other countries imposed stiff tariffs on Chinese-made EVs.
In China, manufacturers have been cracking down on price wars that have raged due to fierce competition.
BYD’s monthly domestic sales fell in September for the first time since February 2024, down 5.5% from the same month a year earlier, while some of its rivals still recorded strong growth in sales.
September is a traditional peak period for auto sales in China, with carmakers launching various new models in a month dubbed “Golden September.”
Subsidies for trade-ins for new energy vehicles have helped lift domestic demand and sentiment, though some local governments have suspended such payments in recent months.
