In 2024, the European Union saw its exports grow 9% year-on-year to nearly 830 000 electric cars. The key destination markets for EU-made electric cars remained unchanged, with other European countries accounting for almost 60% of exports (40% to the United Kingdom), followed by North America, accounting for about one-quarter of EU exports. The European Union remained a net exporter of electric cars in 2024, despite importing about 680 000 electric cars. While imports from China remained steady in 2024 at more than 400 000 electric cars (60% of EU imports), the share of Chinese OEMs in imports from China grew to two-thirds in 2024, up from 50% in the previous year. The Chinese OEM Geely accounted for almost 40% of these imports, mainly through its brand Volvo Cars, while Tesla’s share decreased from 30% to 20% as more than half of its EU sales in 2024 were produced at its German assembly plant. Other European countries rely significantly on imports, primarily from the European Union. The majority of production elsewhere in Europe is based in the United Kingdom and Türkiye, but these countries were responsible for less than 15% of regional sales in 2024. China was the second-largest trade partner for electric cars, accounting for more than one-quarter of the 840 000 electric cars imported by non-EU European countries in 2024.
The United States remained a net importer of electric cars in 2024. Exports fell nearly 15% year-on-year to less than 200 000 electric cars, while imports grew 40% to 630 000. In 2024, Mexico became the United States’ largest electric car trade partner, with net exports to the United States reaching 145 000 vehicles. Imports from Mexico grew threefold compared to 2023, representing more than two-thirds of Mexico’s output. This surge was primarily driven by US OEMs (accounting for 70% of Mexico’s exports to the United States) and Japanese OEMs (20%). Japan and Korea, previously the largest next exporters to the United States, each accounted for net exports of roughly 135 000 vehicles in 2024. Despite being the top source of imports in gross terms, the European Union ranked fourth in net electric car exports to the United States in 2024, totalling about 110 000 vehicles. Meanwhile, 40% of US-made electric car exports went to Canada in 2024, making it the largest US export market.
Japan and Korea accounted for the majority of the nearly 640 000 electric cars exported from the Asia Pacific region excluding China in 2024, primarily through their domestic manufacturers, with an increase of 15% from 2023. The United States was the main destination market for these exports, accounting for more than a quarter of the 1 million electric cars produced in the region. Europe followed, importing another quarter of the region’s production.
Chinese exports are increasingly driven by domestic OEMs as their destinations diversify
While it remains the world’s largest exporter of electric cars, China experienced a noticeable slowdown in export growth in 2024. According to the China Association of Automobile Manufacturers (CAAM), the country exported over 1.15 million electric cars in 2023, marking a staggering 80% growth from 2022. However, in 2024, annual export growth fell to just 7%, split unevenly across destination markets.
Several factors contributed to this slowdown. Firstly, the increase in trade restrictions resulting from tariff hikes in major export markets prompted Chinese OEMs to frontload their exports before such tariffs came into force. In Brazil for example, although Chinese imports saw strong year-on-year growth, with an increase of 120% in 2024, they dropped sharply by a factor of eight in the second half of the year following the reinstatement of tariffs. Europe remained the most important export market for Chinese-made electric cars, but weakening demand, reluctance of European consumers to buy Chinese EV brands and new countervailing duties in the European Union led the share of value attributed to Europe in total Chinese EV exports to fall from over 70% in 2021 to roughly 40% in 2024. As a result, Chinese exports increasingly shifted towards emerging markets such as Mexico (+370%), Southeast Asia (+10%), Russian Federation (hereafter: Russia) and countries in the Caspian Sea region.
Inventory build-up by Chinese OEMs also contributed to the slowdown in Chinese export growth. In 2023, sales of Chinese-made electric cars outside China fell short by 275 000 cars compared to CAAM’s reported exports. This led to clogged destination seaports, particularly in Europe and Brazil, and limited the capacity for additional imports in 2024 until excess inventory was cleared. However, this stockpile helped sustain overseas sales growth of 35% for Chinese-made electric cars in 2024, while exports grew only 7%.
Chinese OEMs accounted for 70% of 2024 total electric car exports from China, up from 55% in 2023. To sustain their export momentum, Chinese OEMs are investing in expanding shipping capacity through roll-on/roll-off (Ro-Ro) car carriers. In 2025, BYD commissioned the world’s largest Ro-Ro vessel, bringing its total shipping capacity to more than 30 000 electric cars. Meanwhile, a leading Chinese car shipping company, COSCO Shipping Car Carriers, announced plans to expand its fleet to handle up to 700 000 cars annually. Despite the 2024 export slowdown, this surge in shipping capacity positions Chinese OEMs for renewed growth, playing a crucial role in facilitating exports from China and emerging manufacturing hubs like Southeast Asia.
Tightening trade restrictions are pushing Chinese OEMs to expand their overseas manufacturing footprint
As Chinese electric car production continues to outpace domestic demand, Chinese OEMs are increasingly looking abroad to capture a larger share of the global electric car market. However, tariff changes across several regions are making it more difficult for Chinese-made electric cars to remain competitive in key destination markets. In 2024, multiple regions introduced new tariffs on Chinese electric car imports. This included the European Union, which imposed OEM-specific countervailing duties on Chinese battery electric car imports, aimed at offsetting alleged manufacturing subsidies received by OEMs in China. Meanwhile, the United States and Canada implemented new tariffs exceeding 100% in 2024, with further increases to tariffs on Chinese imports announced in 2025 in the United States, effectively deterring future Chinese electric car imports. Mexico and Brazil, both of which have recently experienced a surge in Chinese EV imports, have also approved tariff hikes. In 2024, Mexico ended its 15-20% tariff exemption on EV imports from countries without a free trade agreement, including China. Brazil reinstated 10% import tariffs on electric cars in 2024, with plans to gradually raise them every 6 months to reach 35% by the middle of 2026.