The country – the world’s leading EV manufacturer – sold more than 2.6 million units to overseas markets last year, up 104 per cent from a year earlier, according to data from the China Association of Automobile Manufacturers (CAAM) on Wednesday.
Despite persistent trade tensions, Chinese brands were expected to further deepen their presence in overseas markets this year due to cost advantages, though the pace was set to slow, analysts said.
“China has gained an advantage through low production costs and advanced battery technologies, making its EVs highly competitive globally,” said Gary Ng Cheuk-yan, a senior economist at Natixis Corporate and Investment Bank.
David Zhang, general secretary of the Shanghai-based International Intelligent Vehicle Engineering Association, said that the cost advantages were due to China’s dominant supply chain, adding that carmakers in Europe also relied on Chinese exports of components like batteries.
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