Chinese exports of electric cars doubled in September from the previous year, mainly due to Chinese car manufacturers expanding their coverage to foreign markets. Sales of passenger cars in the domestic market increased by 11.2% year-on-year in the last month, compared to an August increase of 15%, announced on Tuesday. The export of new electric vehicles, i.e. purely battery-electric cars and plug-in hybrids, jumped 100% to 222,000 units in September.
Chinese electric vehicle manufacturers are increasingly looking to foreign markets such as Europe and Southeast Asia, as overcapacity and price wars on the domestic market shrink their profit margins. Last year, for the first time since 2014, they invested more overseas than in China, the AP agency reported.