China’s
EV Exports Hit Record High for Second Consecutive Month in October 2026 as Domestic
Demand Falls
China’s electric vehicle exports soared
to a record high in October, as high petrol prices lead drivers around the
world to go electric
1.
Record Export Growth: Chinese
brands exported 582,000 electric and plug-in hybrid vehicles in October
2026, registering a 144.7% year-on-year (YoY) increase.
2.
New Monthly Record: October
exports surpassed the previous record of 558,000 vehicles set in September
2026.
3.
Tesla Shanghai Exports: Tesla's
Shanghai Gigafactory exported 59,012 Model 3 and Model Y vehicles, up
66.3% YoY. Exports accounted for 87% of its total deliveries.
4.
Declining Domestic Demand: Domestic
car deliveries fell 27.1% YoY to 1.64 million units in October, amid reduced
government EV subsidies and an economic slowdown.
5.
January–October Domestic Sales: Domestic
vehicle deliveries declined 22.3% to 15.98 million units.
6.
2026 Export Forecast: China
Passenger Car Association (CPCA) projects overseas sales of Chinese vehicles,
including passenger cars, buses and trucks, to exceed 12 million units in
2026, up 44% from 8.3 million in 2025.
7.
BYD Performance: BYD exported 170,194 vehicles
in October, up 102.8% YoY. Its January–October exports increased 93.8%.
8.
Geely
Performance: Geely's exports during
January–October 2026 surged 167.9% to 905,000 vehicles.
9.
Xiaomi's Global Expansion: Xiaomi
has established an international business department to accelerate its overseas
automotive business, appointing Vice-President Yu Liguo
to lead it.
10.
Reasons for Export Surge:
o
High global petrol prices following the US-Israel
war on Iran have boosted demand for EVs.
o
Chinese EV manufacturers offer competitive prices
and better value for money.
o
Manufacturers are increasingly targeting overseas
markets to offset declining domestic demand.
Overall Impact: China's
EV manufacturers are accelerating their global expansion as overseas demand
surges and domestic sales weaken, intensifying competition in the international
automobile market.
China’s
electric vehicle (EV) exports hit an all-time high for a second straight month
in October, as the country’s carmakers rode a surge in overseas demand driven
by the Middle East energy shock.
Chinese
brands sold a total of 582,000 pure electric and plug-in hybrid vehicles
outside mainland China last month, a 144.7 per cent jump from a year earlier,
according to data from the China Passenger Car Association (CPCA).
The
figure – which broke the previous monthly record of 558,000 set in September –
includes cars exported from China and EVs assembled by Chinese brands’ overseas
plants.
Tesla’s
Shanghai Gigafactory also recorded a 66.3 per cent year-on-year surge in
deliveries to markets outside China, according to the CPCA. The facility
exported 59,012 Model 3 and Model Y cars in October, which represented 87 per
cent of its total deliveries that month.
“All
Chinese EV makers are now chasing growth in overseas markets,” said Qian Kang,
the owner of a vehicle circuit board factory in eastern China’s Zhejiang
province. “Monthly delivery figures will continue to set new highs.”
The
skyrocketing exports came even as demand continued to fall in China’s domestic
market, where government cuts to electric car subsidies have added further
headwinds to a market already feeling the effects of an economic slowdown.
A
total of 1.64 million petrol and electric cars were handed over to customers in
mainland China last month, down 27.1 per cent year on year, according to the
CPCA.
For
the first 10 months of this year, domestic car deliveries fell 22.3 per cent
from a year earlier to 15.98 million units.
In
September, the CPCA predicted that overseas Chinese vehicle sales – which
comprise passenger cars, buses and lorries – could top 12 million units in
2026, up 44 per cent from last year’s 8.3 million.
The
projected figure is 20 per cent higher than an estimate of 10 million made by
the China Association of Automobile Manufacturers earlier this year.
High
petrol prices driven by the US-Israel war on Iran have boosted demand for
Chinese electric cars around the world in recent months, with consumers seeing the
Chinese brands as offering better value for money than many international
rivals, according to analysts.
BYD,
the world’s largest EV maker, sold 170,194 cars abroad in October, up 102.8 per
cent from a year earlier, according to a company statement published earlier
this month. For the first 10 months of 2026, the company’s exports are up 93.8
per cent year on year.
Geely, China’s second-largest carmaker,
recently reported that its exports from January to October had jumped 167.9 per
cent year on year to 905,000 units.
Xiaomi,
one of Tesla’s biggest challengers in the Chinese market over the past year,
has set up an international business department to accelerate its go-global
drive, according to Chinese news outlet Sina Tech.
Yu
Liguo, vice-president of Xiaomi’s automotive
division, had been appointed to lead the new department, the report added.