High Oil Prices Drive 140% Surge in China's Electric and Hybrid Vehicle Exports

KOMPAS.com - China’s exports of electric vehicles (EVs) and hybrids surged by up to 140% in March 2026, following the rise in global oil prices.

According to Bloomberg, the China Passenger Car Association reported that EV and hybrid exports reached 349,000 units in March 2025.

This means that in March this year, China exported more than 700,000 electric and hybrid vehicles.

Of the total, the largest EV manufacturer, BYD Co, contributed up to a third of the exports, followed by Geely Automobile Holdings Ltd. and Chery Automobile Co.

Following the export surge trend amid the global energy crisis, BYD’s shares in Hong Kong jumped by 3.1% on Friday (10/4/2026).

The other two listed companies, Geely Automobile Holdings Ltd. and Chery Automobile Co, also experienced increases.

This is reflected in the increased showroom visits across Asia over the past month.

Consumers are reportedly seeking to avoid fuel price spikes due to the war.

“Chinese car manufacturers can quickly expand their global reach during the Strait of Hormuz crisis,” said Cui, as quoted by Bloomberg.

Amid the rising export trend, China’s automotive industry is actually facing a decline in domestic sales.

For example, Tesla Inc’s sales in Shanghai fell by 24% in China, despite a 9% year-on-year increase.

Meanwhile, BYD’s domestic sales plunged by more than 40%.

Overall, total EV and hybrid car sales in China’s domestic market dropped 14% to 848,000 in March.