China EV Exports Surge 140% Amid Oil Price Shock
Why it matters: China's EV exports surged 140% to 349,000 units in March, setting a new record.
- China's EV exports hit a record 349,000 units in March, a 140% increase year-over-year, according to the China Passenger Car Association.
- International oil prices rose to $100 per barrel and above, up from $70, due to the Middle East conflict trapping 10 million bpd of crude supply at the Strait of Hormuz.
- Consumers in Asia Pacific, Europe, and the United States are increasingly searching for EV and hybrid options as fuel prices rise.
- Australia is experiencing several months of wait times for EVs, with BYD reporting 2-3 month waits for its top models, up from 2-3 weeks, per the Australian Financial Review.
- Autotrader (UK) reported a sharp rise in new and used EV inquiries since the Iran bombing on February 28, with used EV inquiries reaching record levels.
- Morgan Stanley predicts increased EV demand in the US will likely occur after six consecutive months of gasoline prices above $4 per gallon.
Soaring global oil prices, driven by the Middle East conflict, have dramatically boosted China's electric vehicle exports, which surged 140% to a record 349,000 units in March. Consumers in Asia, Europe, and the UK are rapidly shifting to EVs, with some regions experiencing months-long wait times, though US demand may take longer to materialize.
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