Automakers in China recorded a surge in November exports to various markets across the globe.
Exports Grew 87% In November
Chinese EV exports grew 87% in November this year, as automakers exported over 199,836 vehicles this month out of the country, data collated by Bloomberg showed on Monday. Chinese exports to Mexico recorded a growth of over 2,367% YoY as the country sent over 19,344 EVs to Mexico. The figure represents the highest exports among all nations or territories.
Exports to countries in Europe grew 63% YoY to 42,927. China’s YTD exports to Europe from January to November came in at 604,105 units. Asian exports grew 71% as China exported over 110,061 vehicles. YTD, Chinese automakers have exported over 994,132 units. China’s top export countries include Mexico, Malaysia, the Philippines, Thailand and Indonesia.
In Europe, the UK and Belgium emerged as the biggest importers of Chinese EVs. China sent over 9,096 units in November to the UK, a 113% surge, while sending over 8,953 units to Belgium, representing an 8.6% YoY growth in November.
China’s European Expansion
EV giant BYD Co. Ltd. (OTC:BYDDY) (OTC:BYDDF) has been at the forefront of Chinese automakers expanding globally. The company has showcased impressive growth in overseas sales, recording triple-digit growth in markets outside of China, like Europe, this year. Chery Automobile, China’s largest exporter, actively sending cars to countries like Mexico, also saw its Hong Kong-listed shares surge following its public debut on the Hong Kong exchange.
Meanwhile, Xpeng Inc. (NYSE:XPEV) is also eyeing an expansion into Europe with the company entering into Estonia, Lithuania and Latvia, as well as Cambodia in the Asian market, charting out its route towards expanding into newer territories. Xpeng also announced a new partnership with Magna International Inc. (NYSE:MGA) to build two of its EVs in Austria at one of Magna’s manufacturing facilities in the region.
Tech giant Xiaomi Corp (OTC:XIACF) (OTC:XIACY), too, has announced that it has established an R&D center in Germany. Xiaomi is targeting an expansion into Europe in 2027.
Stellantis’ Leapmotor Gets Funding Boost
Stellantis NV-backed (NYSE:STLA) Leapmotor also raised over $530 million after it sold over 74 million shares in the company to the Chinese state-owned automaker FAW, while also laying out an ambitious target of selling 4 million units annually over the next decade.
Chinese authorities, on the other hand, unveiled a first-of-its-kind rule for EV power consumption. The regulation will take effect next year and outlines that EVs cannot consume more than 15.1 kWh of energy for every 100km (62 miles) driven.
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