In March, escalating geopolitical conflicts in the Middle East and persistently high international oil prices led to a significant increase in the global cost of using gasoline-powered vehicles, resulting in explosive growth in demand for new energy vehicles exported from China in several overseas markets.
That month, China’s new energy vehicle exports continued their strong momentum, with leading automakers collectively setting new export records, becoming the core engine driving the growth of automobile exports.
BYD officially announced that it would raise its 2026 export target from 1.3 million vehicles to 1.5 million vehicles, an increase of 15% from the initial target.
Industry experts pointed out that the cost advantage brought by high oil prices, the leading technology and cost-effectiveness of Chinese new energy vehicles, and the accelerated expansion in overseas markets have jointly driven the rapid growth of China’s new energy vehicle exports.
Several automakers saw record-high export volumes in March.
Latest industry data shows that in March this year, several automakers saw significant increases in monthly exports, becoming a major contributor to global automotive trade growth.
Among them, Geely Automobile exported 81,639 vehicles in March, a year-on-year increase of 120%, marking the third consecutive month of exports exceeding 60,000 vehicles, with new energy vehicles accounting for 64% of the total. In the first quarter, its cumulative overseas sales reached 203,024 vehicles, a year-on-year increase of 126%.
Against the backdrop of continued strong overseas demand, Geely Automobile has clearly stated its intention to increase its globalization efforts.
Gan Jiayue, CEO of Geely Automobile Group and Executive Director of Geely Automobile Holdings Limited, previously told reporters: “In 2026, the Group’s resources will be tilted towards overseas markets, continuing to deepen its global localization of production capacity.
Our target for overseas markets in 2026 is 640,000 vehicles, a year-on-year increase of over 50%; our internal target is 750,000 vehicles, a year-on-year increase of approximately 79%.”
Besides Geely, several other automakers also reported strong export performance in March.
Chery Group exported 148,777 vehicles in March, a 72% year-on-year increase, setting a new record for monthly exports by a Chinese automaker and marking the 11th consecutive month with monthly exports exceeding 100,000 units. In the first quarter, Chery Group’s cumulative exports reached 393,311 vehicles, a 53.9% year-on-year increase.
Zhang Shengshan, Executive Vice President of Chery Automobile’s International Business Group, stated in an interview with CCTV News that Chery expects new energy vehicles to account for over 70% of its total exports by 2026.
BYD exported 120,083 new energy vehicles in March, a 65.2% year-on-year increase, with cumulative exports reaching 319,751 vehicles in the first quarter. BYD’s international business head stated that demand in core markets such as Europe, Southeast Asia, and Latin America far exceeded expectations, especially for plug-in hybrid and pure electric high-end models, with order backlogs extending six months into the future.
Changan Automobile’s overseas sales exceeded 100,000 units for the first time in March, reaching 103,900 units, a 60% increase month-on-month and a record high.
SAIC Motor exported 121,300 vehicles in March, a year-on-year increase of 47.37%. Cumulative exports in the first quarter reached 324,900 units, a year-on-year increase of 48.34%, with its own brands MG and Roewe continuing to perform strongly in overseas markets.
High oil prices coupled with supply chain advantages
jointly support high export growth
The most direct trigger for the rapid growth of China’s new energy vehicle exports in this round is the persistently high international oil prices. A report released by the International Energy Agency (IEA) on March 12 showed that Brent crude oil futures prices surged to nearly $120 per barrel due to geopolitical conflicts in the Middle East and disruptions to shipping in the Strait of Hormuz. Prices subsequently fell back, to approximately $92 per barrel at the time of the report’s writing, an increase of about $20 per barrel that month.
In contrast, the cost advantage of electric vehicles has become significantly more apparent, directly stimulating overseas individual consumers and institutional users to switch to new energy vehicles.
According to a CCTV News report on April 8, a relevant official from the China Association of Automobile Manufacturers (CAAM) stated that Chinese independent automobile brands performed exceptionally well in exports in March, especially in the new energy vehicle sector, continuously winning recognition from overseas consumers with their high cost-effectiveness, electrification, and intelligent features. In terms of overseas expansion strategies, Chinese independent automobile brands are shifting from simply exporting products to a strategic transformation towards integrating global resources.
Cui Dongshu, Secretary-General of the China Passenger Car Association (CPCA), wrote on April 7 that, drawing on the experiences and lessons learned from the overseas expansion of industries such as home appliances, the strategies for automobile exports are becoming increasingly clear and sophisticated. From KD assembly to localized production and overseas mergers and acquisitions, automakers’ overseas strategies are yielding remarkable results.
Li Shaohua, Deputy Secretary-General of CAAM, believes: “Now, we possess a complete industrial chain, leading electrification and intelligent technologies, and rapid iteration innovation capabilities. These give us the confidence to export technology, standards, and business models globally, using Chinese technology to explore the global market.”
