Brazil has surpassed Belgium as the top export market for Chinese electric vehicles and hybrids, data proves

Brazil has surpassed Belgium as the top export market for Chinese electric vehicles and hybrids, data proves
Brazil has surpassed Belgium as the top export market for Chinese electric vehicles and hybrids, data proves

According to industry figures, Brazil has overtaken Belgium as the nation’s top export destination for Chinese new energy cars following the European Union’s anti-subsidy inquiry into Chinese electric vehicles.

Industry statistics revealed that, in the wake of the European Union’s anti-subsidy investigation into Chinese electric vehicles, Brazil has surpassed Belgium as the country’s top export destination for Chinese new energy vehicles.

According to data from the China Passenger Car Association (CPCA), exports of plug-in hybrid and pure electric vehicles to Brazil increased 13 times year over year to 40,163 units in April, making it the largest export market for the second consecutive month.

Brazil, the 10th-largest export market in January, has seen a sharp rise in exports; this is in anticipation of a further hike in tariffs on the import of electric and hybrid vehicles starting in July as the South American nation looks to promote domestic auto manufacturing.

A number of Chinese manufacturers have already begun to raise their investments in order to support local production in Brazil. There, BYD has begun constructing a manufacturing complex with plans to start local production by year-end or early 2025, while Great Wall Motor said this month that it will start operations at its Brazil unit.

In April, Brazil surpassed Russia as China’s top vehicle export destination, becoming the country’s second-largest export destination overall.

According to CPCA secretary general Cui Dongshu, China’s biggest auto export market is still anticipated to be Russia, which is under Western sanctions.

According to CPCA data, the nations that experienced the largest declines in imports of electric vehicles manufactured in China between January and April were Spain, France, the Netherlands, and Norway.

Although China’s automakers have been aggressively pursuing export opportunities in South America, Australia, and ASEAN, the EU’s anti-subsidy investigation has caused a disruption in the country’s automobile exports to the bloc, according to Cui.

Chinese auto exports to Russia rose 23% to 268,779 automobiles in the first four months of this year. During the same year, exports to Brazil increased by 536% to 106,448 and by 27% to 148,705 to Mexico.

Also readUnveiling the Ethical Imperatives: Navigating the Intersection of AI and Cybersecurity

Do FollowCIO News LinkedIn Account | CIO News Facebook | CIO News Youtube | CIO News Twitter 

About us:

CIO News is the premier platform dedicated to delivering the latest news, updates, and insights from the CIO industry. As a trusted source in the technology and IT sector, we provide a comprehensive resource for executives and professionals seeking to stay informed and ahead of the curve. With a focus on cutting-edge developments and trends, CIO News serves as your go-to destination for staying abreast of the rapidly evolving landscape of technology and IT. Founded in June 2020, CIO News has rapidly evolved with ambitious growth plans to expand globally, targeting markets in the Middle East & Africa, ASEAN, USA, and the UK.

CIO News is a proprietary of Mercadeo Multiventures Pvt Ltd.