China’s EV exports hit record $9.2B in May

China EV Exports Hit Record $9.2 Billion in May as Oil Conflict Fuels Global Shift

China’s electric vehicle exports surged to an all-time high of $9.2 billion in May 2026, a 49 percent year-on-year increase driven largely by energy security concerns tied to the conflict in the Middle East, according to data released by energy think tank Ember.downtoearth

ASEAN Demand Leads the Surge

The record figure surpassed April’s previous high of $9.1 billion. China exported approximately 448,000 electric passenger vehicles during the month, including around 279,000 battery EVs and 169,000 plug-in hybrid EVs. Southeast Asia emerged as the fastest-growing destination, with exports to the region reaching an all-time high of $1.2 billion in May, led by Thailand and the Philippines.nst

“As anticipated, the disruption to global fuel markets caused by the Middle East conflict and the resulting impacts on fuel prices have accelerated transport electrification across ASEAN,” said Lam Pham, Energy Analyst for Asia at Ember.downtoearth

The Iran-related disruption to oil markets, which at its peak saw the Strait of Hormuz largely blocked, pushed fuel prices higher across import-dependent Asian economies. An interim U.S.-Iran deal reported in mid-June brought oil prices down sharply, with Brent crude settling near $79 a barrel, but the months of elevated prices had already accelerated EV adoption across the region.reuters

Policy Response Across the Region

Governments responded with aggressive incentives. Cambodia reduced customs duties on battery EVs to zero in late March, while Laos temporarily banned petrol car imports until the end of 2026 and mandated that transport companies ensure EVs account for 10 percent of their fleets by year-end. Thailand imported a record of more than 36,000 Chinese EVs in May alone.downtoearth

UBS expects China’s annual passenger car exports to rise about 40 percent in 2026, with EV exports possibly up about 80 percent, according to PBS. The China Association of Automobile Manufacturers reported total passenger car exports of about 809,000 vehicles in May, a 73 percent year-on-year increase, with new energy vehicles accounting for more than half.pbs

A Structural Shift

The milestone reflects more than a temporary spike. Ember noted that China’s EV exports have expanded from less than $1 billion a month in 2020 and are now approaching lithium-ion batteries as the largest category among the country’s “new three” clean technology exports.downtoearth

“Southeast Asia is fast becoming one of the most dynamic destinations for electric vehicles, and China is supplying that demand at scale and speed,” said Euan Graham, Senior Electricity and Data Analyst at Ember.downtoearth