New EU tariffs have already made a dent on the value of China’s electric vehicle (EV) exports, which fell in November to their lowest level since July 2022.
According to the South China Morning Post, lowered exports to emerging markets such as Southeast Asia and Latin America, as well as steep declines in price, were also reasons behind the plunge in value.
From the end of October, the EU began to impose tariffs of up to 45 per cent on electric vehicles produced in China. The nation’s EV exports to the EU plunged 36 percent year-on-year in value the following month, while export volumes saw a 23 percent decline.
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Exports to member countries of the Association of Southeast Asian Nations in November meanwhile fell by 25 percent year-on-year, with those to Latin America plummeting almost 50 percent.
However, one expert told the Post that automakers were performing well at home, offsetting declining export values. “Domestic sales are going strong, and China’s electric vehicle makers are building supply chains in the EU, Southeast Asia and Latin America,” said Liang Yan, an economist at the US’ Willamette University.
According to the China Association of Automobile Manufacturers, 9.7 million electric vehicles were sold in China between January and November, up 40 percent compared to the same period last year.
