Brazil overtakes Belgium as largest Chinese EV export market
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The news: Brazil has become the largest export market for Chinese new energy vehicles, as the European Union’s anti-subsidy probe pushes carmakers to boost sales in non-EU markets.
The numbers: Data from the China Passenger Car Association (CPCA) shows that exports of electric and plug-in hybrid cars to Brazil from China jumped to 40,163 units in April, 13-times the year-on-year rate. The data makes Brazil the biggest export market for a second consecutive month.
The context: Chinese carmakers are increasing their EV manufacturing footprint in the South American country, with both BYD and Great Wall progressing their projects in hopes to begin production during 2024. According to Reuters, Russia is expected to remain China’s largest car export market.
The EU is currently investigating Chinese subsidies across a suite of industries, including electric carmakers, amid claims that substantial Chinese state subsidies are artificially deflating prices at the expense of European manufacturers. Brussels has been expected to impose duties on Chinese EV imports since the investigation was announced in October 2023, and could potentially impose the tariffs before the European summer.
