China’s exports of electric vehicles climbed to an all-time high in May, extending a surge that has been fueled by higher oil prices linked to the war in Iran. Overall exports of electricity technologies, including solar panels and batteries, remained near record levels.
Shipments of electric vehicles reached $9.2 billion, up almost 50% from the same period a year ago, according to China’s General Administration of Customs. The increase is a sign of the country’s growing competitive edge in advanced transport and rising global demand for alternatives to fossil fuels.