Summary
The value of China's electric vehicle exports fell by 42% year-on-year in November 2024, reaching its lowest level since July 2022.
The decline is attributed to new European Union tariffs and weakening demand in emerging markets.
Exports to the EU saw a 36% drop in value, with shipments also falling by 23%.
China's electric vehicle (EV) exports saw a steep decline in November 2024, with the value of shipments falling 42% year-on-year. This marks the largest drop in value since April 2022, when supply chains were hit by the coronavirus lockdowns and the geopolitical tensions surrounding the Russia-Ukraine conflict. The downturn in export values and volumes has been largely attributed to two primary factors: the implementation of new tariffs by the European Union and a weakening demand in emerging markets.