China’s electric vehicle (EV) exports hit a record US$9.2 billion in May, up almost 50% from a year earlier, according to China’s General Administration of Customs.

The latest regional breakdown for April showed that buyers in Asia imported the most Chinese EVs, ahead of Europe and Latin America. Among the top 10 destinations, Brazil’s imports rose 221%.

Exports of electricity technologies overall stayed near record levels. Including heat pumps and grid equipment, May exports were 6% below the March peak.

Solar photovoltaic (PV) exports fell 51% after China removed a 9% value-added tax export rebate on solar PV products from April 1, while battery exports dropped 16%.

Analysts said disruptions to fossil-fuel supplies linked to the US and Israel’s attacks on Iran, and the effective closure of the Strait of Hormuz, boosted interest in China’s clean-energy products.

🔗 Source: Bloomberg