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China's Electric Vehicle Export Value Falls 42% Amid EU Tariff Pressures


Photo by FMT

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.

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