China's electric vehicle exports hit US$3.2 billion (NT$98 billion) in November, driven by demand for cars in Europe.

(Bloomberg)

[Financial Channel/Comprehensive Report] Since most European automakers outsource production to China, China's electric vehicle exports more than doubled in November, setting a monthly record, with 70% of them exported to Europe.

"Bloomberg" reported that Chinese customs data showed that Chinese automakers exported US$3.2 billion (NT$98 billion) of electric vehicles in November, an increase of 165% year-on-year, reaching the highest monthly export total in history, including Belgium and the United Kingdom. European countries are the largest importers, accounting for 70% of imports.

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In addition, China's electric vehicle exports accounted for more than half of the total automobile exports for two consecutive months, and it also hit a record high of US$6 billion (NT$183.9 billion) in November.

Since automakers such as Volkswagen and BMW have limited production capacity at home, outsourcing production to China is common practice.

It is worth mentioning that Tesla only exported 60 vehicles in March, stopped assembly in April due to the closure of Shanghai, and exported more than 37,000 vehicles in November.

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