China car exports jump 73% in May as high fuel prices raise interest in EVs
Summary
China exported about 809,000 passenger cars in May, which is 73% more than the same month last year. Higher fuel prices caused by the war in Iran increased interest in electric vehicles, leading to a big rise in exports of new energy cars like electric and plug-in hybrid vehicles.Key Facts
- China’s passenger car exports in May reached about 809,000 vehicles.
- This is a 73% increase compared to May of the previous year.
- Exports in May were slightly higher than April’s 796,000 cars.
- Increased fuel prices from the war in Iran made electric vehicles more popular.
- New energy vehicle exports (electric and plug-in hybrids) more than doubled year-on-year in May.
- About 435,000 new energy vehicles were exported in May, making up over half of total car exports.
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