China's electric vehicle exports hit a record high in October

China's electric vehicle exports reached an all-time high, driven by surging demand as the war in the Middle East pushed up oil prices.

According to data released by the China Passenger Car Association (CPCA), Chinese automotive manufacturers sold 582,000 electric and hybrid vehicles in overseas markets in October. Electric vehicle exports surged by 144.7% compared to the same period last year, reaching a record level.

The rise in oil prices caused by the war between the US, Israel, and Iran increased the global market demand for electric and hybrid vehicles. This development provided Chinese automotive companies, which have made heavy investments in electric vehicle production, with a competitive advantage in the international market.

The export data released by the CPCA covers not only vehicles produced in China and shipped abroad, but also vehicles assembled and sold in overseas markets by Chinese automotive brands.