Chinese passenger-vehicle exports continue to surge, and new energy vehicles are doing the heavy lifting, according to an analysis published by Industrial Securities on October 21 based on CAAM data. From January to August 2026, China exported 6.25 million passenger vehicles, up 73.0 percent year on year, of which 3.35 million were new energy vehicles — a jump of 131.6 percent. Battery-electric exports rose 116.2 percent to 2.05 million units while plug-in hybrid exports soared 160.8 percent to 1.3 million, pushing the NEV share of total passenger-car exports above 50 percent.
The brokerage noted that among the top ten destination markets by export growth in the first eight months, all but Russia, Algeria and Kyrgyzstan were driven mainly by NEVs. With domestic retail competition still fierce, overseas markets are increasingly where Chinese carmakers earn their profit: BYD's overseas revenue share climbed to 52.6 percent in the first half of 2026 from 38.7 percent in 2025, and overseas business now contributes 60.6 percent of its gross profit.
Carmakers are accelerating localization to lock in that growth. BYD plans to start large-scale production at its Hungary plant in the fourth quarter and has put France on its candidate list for a second European factory, with local headcount targeted to reach 40,000 by 2030. Leapmotor is expanding in Europe through its joint venture with Stellantis, and Geely has formed a joint venture with Ford in Spain to build multi-energy vehicles for European customers.
Source: Industrial Securities research note via Cailianshe, October 21, 2026
