China's exports of electric vehicles doubled in September as competition at home intensifies

Core Insights - China's electric vehicle (EV) exports doubled in September compared to the previous year, indicating a significant expansion into international markets [1][2] - Domestic passenger car sales increased by 11.2% year-on-year in September, a decrease from a 15% rise in August [1] Export Performance - Exports of new energy vehicles, including battery electric vehicles and plug-in hybrids, surged 100% to 222,000 units in September, slightly lower than the 224,000 units exported in August [2] - Chinese EV manufacturers are increasingly targeting markets in Europe and Southeast Asia due to domestic overcapacity and price wars affecting profit margins [3] Market Expansion - BYD, a leading Chinese EV manufacturer, reported that the United Kingdom has become its largest market outside China, with sales increasing by 880% year-on-year in September [4] - Chinese automakers are expanding investments in the Middle East and Africa following the imposition of tariffs on Chinese-made EVs by the European Union, U.S., and Canada [4] Domestic Market Trends - BYD's domestic sales fell by 5.5% in September compared to the same month last year, marking the first decline since February 2024, despite some competitors experiencing strong growth [5] - September is traditionally a peak sales month for the auto industry in China, aided by subsidies for trade-ins of new energy vehicles, although some local governments have recently suspended these payments [5]