The Chinese auto industry is booming, and one sector that has been growing significantly is electric vehicles. Many EV companies are now exporting their cars to other parts of the world. The Chinese government has now reiterated its support for the export of NEVs ((new energy vehicles) from the country, as reported by China EV Post.
Li Fei, Assistant Commerce Minister, explained why China is pursuing the export policy at a news conference. The Asian powerhouse wants to help stabilize foreign trade development.
Between January and July, exports of NEVs from China grew more than 90 percent. China sees this as a crucial part of its foreign trade.
China also committed to using its overseas banking institution to provide consumer financial support for products of Chinese origin.
A good percentage of NEV export out of China is attributable to Tesla, which produced 97,182 out of the 202,000 NEVs exported in the first six months of 2022. It was preparing to ship 9,000 vehicles from Shanghai port.
Other companies stepping up their NEV exports include BYD. It sent more than 5,000 NEVs overseas in August, up from about 4,000 in July. The company plans to expand into Germany and Sweden in October.