China EV Exports Surge 140% Amid Oil Price Shock
Why it matters: China's EV exports soared 140% to 349,000 units in March, setting a new monthly record.
- Chinese EV exports hit a record 349,000 units in March, a 140% increase, according to the China Passenger Car Association cited by Bloomberg.
- Global oil prices rose to $100 per barrel and above, up from $70, due to the Middle East conflict trapping crude supply at the Strait of Hormuz, making EVs more attractive.
- Showrooms across Asia are bustling with EV interest, and Australia is experiencing wait times for EVs soaring by several months, as reported by the Australian Financial Review.
- BYD, China's largest EV manufacturer, reports wait times for its Sealion 7 and Atto 2 models have extended from 2-3 weeks to 2-3 months.
- Autotrader (UK) saw a sharp rise in new and used EV leads since February 28, with used EV enquiries reaching record levels, according to Chief Customer Officer Ian Plummer.
- Morgan Stanley anticipates that increased EV and hybrid demand in the United States may take about six consecutive months of high gasoline prices, despite current rising interest as gasoline topped $4 per gallon.
China's electric vehicle exports surged by a record 140% in March, driven by a global oil price shock that pushed consumers in Asia Pacific, Europe, and the United States towards EVs and hybrids. This unprecedented demand has led to significant wait times for popular models and a sharp increase in EV interest across major markets.
