Strong start to 2026: China's Auto Exports Hit New Highs, NEVs Power Global Expansion

(I) Export Overview: Nearly 50% Year-on-Year Growth, Hitting a Record High for January

According to official data from CAAM, China's automobile exports reached 681,000 units in January 2026. This represents a substantial year-on-year increase of 44.9%, despite a month-on-month decrease of 9.5%. This figure sets a new historical record for vehicle exports in the month of January, extending the growth momentum that has kept China as the world's top auto exporter for three consecutive years.

In-Depth Analysis of NEV Exports: Doubling Growth Underscores the Inevitable Trend of Globalization
In January 2026, China's new energy vehicle (NEV) exports achieved a historic breakthrough, surpassing the 300,000-unit mark in a single month. This represents a near doubling compared to the same period last year, with a year-on-year surge of 100.5%. Consequently, the share of NEVs in total automobile exports rose to 44.3%, approaching half of all exports and solidifying their role as the absolute core engine propelling China's auto exports.

(I) Brand Landscape: Leaders Set the Pace, New Players Accelerate Breakthroughs

Export data for new energy vehicles released by the China Passenger Car Association (CPCA) for January 2026 indicates that domestic brands hold a dominant position in NEV exports, forming a clear competitive structure. Both leading brands and emerging players achieved rapid growth:

First Tier (Scale Leaders): BYD topped the NEV export charts in January with 96,859 units exported, achieving year-on-year growth exceeding 100%. With simultaneous momentum in European, Southeast Asian, and Middle Eastern markets, and the steady ramp-up of production capacity at its overseas factories, BYD is the only Chinese brand approaching the 100,000-unit monthly export milestone. Tesla China followed in second place with 50,644 units exported, with its Shanghai Gigafactory continuing to serve as a crucial global export hub for Tesla.

Second Tier (High-Growth): Geely Auto secured third place with 32,117 units exported, marking year-on-year growth of over 150%. Chery exported 27,033 units, with sustained volume growth in the Russian and Latin American markets. Leapmotor stood out as a benchmark among emerging EV players, exporting 14,523 units, representing a remarkable year-on-year increase of over 200%. Both SAIC Passenger Vehicle and SAIC-GM-Wuling exceeded 10,000 export units, maintaining steady growth in Southeast Asian and European markets.

Third Tier (Pioneering Breakthroughs): Premium new forces like Xpeng, Nio, and Li Auto achieved breakthroughs in the Middle Eastern and European premium markets. All three companies reported year-on-year doubling of export volumes in January, challenging the stereotype of Chinese NEVs being solely "low-cost" exports.

(II) Destination Landscape: Emerging Markets Surge, Global South Drives Core Growth

The market landscape for China's NEV exports underwent a significant shift in January 2026. The dynamic evolved from "Europe-centric" to a model driven by both emerging and developed markets, with countries in the Global South emerging as the primary source of growth:

Southeast Asian Market: Remained the largest regional destination for China's NEV exports. Exports to the ten ASEAN countries in January surged over 150% year-on-year, with Thailand, Indonesia, and the Philippines being key destinations. Chinese brands have achieved a dominant market share exceeding 78% in the ASEAN new energy vehicle market, creating a near-monopoly landscape. Thailand, in particular, has solidified its position as the localized manufacturing hub for Chinese NEVs in Southeast Asia.

Latin American Market: Emerged as the fastest-growing region. January saw NEV exports to Latin America skyrocket by over 200% year-on-year, with Brazil, Chile, and Mexico as core markets. Notably, China became Brazil's largest source of automobile imports for the first time. Brands like BYD and Great Wall Motor experienced sales increases of more than threefold year-on-year in Brazil.

Middle Eastern Market: Served as a critical arena for premiumization breakthroughs. NEV exports to the Middle East grew over 120% year-on-year in January, primarily driven by Saudi Arabia and the UAE. Chinese brands captured a market share exceeding 58% in the region's new energy sector. High-end models like the BYD Yangwang, along with Nio and Li Auto vehicles, gained traction, marking an upgrade in strategy from "cost-effective exports" to "premium brand exports."

European Market: Remained a significant developed market for Chinese NEVs. Exports to the EU in January increased by 28.4% year-on-year. Key transit and consumer markets included Belgium, Germany, and the UK. The market share of Chinese brands in the European electric vehicle segment steadily climbed to 16%, indicating continued gradual progress.