J.P. Morgan China Auto Export Tracker April: NEVs Exceed 50% of Total Exports for the First Time
Summaries are public. PDF access requires an active membership; all members have the same access. Sign in
J.P. Morgan's April China Auto Export Tracker reveals a structural milestone: new energy vehicle (NEV) exports surpassed 50% of total passenger car exports for the first time. Total exports reached 425,000 units, a record single-month high, representing 28% year-over-year growth and 5% month-over-month growth.
NEV exports totaled 223,000 units, up 45% year-over-year, capturing a 52.5% share. Battery electric vehicles (BEVs) contributed 158,000 units, up 38%, while plug-in hybrids (PHEVs) reached 65,000 units, surging 68%. Internal combustion engine vehicle exports grew only 12% to 202,000 units, significantly trailing NEV expansion.
Europe remained the largest destination at 32% of exports, followed by Southeast Asia at 25% and South America at 18%. Year-to-date cumulative exports reached 1.6 million units, up 25%, with NEVs accounting for 820,000 units or 51.3%.
Among leading brands, BYD exported 85,000 units, up 55%; SAIC reached 72,000 units, up 18%; and Geely shipped 56,000 units, up 40%. The report notes that the average NEV export price runs approximately 15% higher than combustion vehicles, driving faster value growth. April battery exports reached 12.3 GWh, up 52% year-over-year.
J.P. Morgan identifies this as a structural inflection point, expecting NEV share to remain above 50% for the full year with potential further upside. Key risks include overseas trade barriers and subsidy rollbacks.
Key exhibits
Exhibit 1
Exhibit 2
Exhibit 3
Exhibit 4
Exhibit 5
