BUSINESS

Charts of the Day: Hybrids Play Growing Role in Driving China’s NEV Exports

Published: Apr. 9, 2026 6:53 p.m. GMT+8

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China’s new-energy vehicle (NEV) exports nearly doubled in the first two months of 2026, propelled largely by surging demand for hybrid models.

From January to February, the value of China-made passenger-carrying NEVs shipped abroad rose 93.5% year-on-year to about $12 billion, according to customs data. The export value of hybrid electric vehicles (HEVs) was about $4.9 billion, accounting for roughly 41% of total export value, up from 31% a year ago.

Hybrids’ Growing Share of China NEV Exports

China’s NEV exports during the two-month period exceeded expectations, mainly helped by strong overseas demand for plug-in hybrid electric vehicles (PHEVs) and HEVs, which are on track to overtake all-electric models as the main engine of export growth, said Cui Dongshu, secretary-general of the China Passenger Car Association (CPCA).

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China’s NEV export value rose 93.5% YoY to $12B in Jan-Feb 2026; HEVs hit $4.9B (41% share, up from 31%).
Monthly exports steady >300k units; BYD, Geely, Chery shipped 167.9k in Feb (62% total).
Top destinations: Brazil, UK, Belgium; Italy +496% YoY, Mexico/Turkey -72%/-84%.

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Who’s Who

BYD Co. Ltd.: In February 2026, BYD Co. Ltd. exported about 100,000 cars overseas, surpassing domestic sales for the first time. With Geely and Chery, it accounted for 62% of China's passenger NEV exports (167,900 units).

Geely Automobile Holdings Ltd.: Geely Automobile Holdings Ltd. is one of China's top three NEV exporters, alongside BYD and Chery. In February 2026, they achieved record monthly exports of 40,800 passenger NEVs. The trio shipped 167,900 units, comprising 62% of total exports (up from 35% in Feb 2024).

Chery Automobile Co. Ltd.: Chery Automobile Co. Ltd. is one of three major manufacturers (with BYD and Geely) driving China's NEV export boom. Together, they exported 167,900 passenger NEVs in February 2026, comprising 62% of total export volume, up from 35% in February 2024 (CPCA data).

AI generated, for reference only