China car exports jump 73% in May as high fuel prices raise interest in EVs

China’s passenger car exports surged 73% in May to about 809,000 vehicles, driven by new-energy vehicles (NEVs) which more than doubled to ~435,000 and made up over half of exports — higher oil prices have boosted EV interest.
BYD sold over 160,000 cars overseas in May (up 80% YoY), has overtaken Tesla as the world’s biggest EV maker by sales, and aims to export 1.5 million vehicles this year.
At the same time, domestic passenger car sales fell 23.4% in May (seventh straight YoY decline), with internal-combustion car sales plunging nearly 42% amid a domestic price war and reduced incentives.