China's exports of electric vehicles doubled in September as competition at home intensifies [Yahoo! Finance Canada]
BYD CO LTD UNSP/ADR (BYDDY)
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Source: Yahoo! Finance Canada
Domestic passenger car sales climbed 11.2% year-on-year in last month down from a 15% rise in August, the China Association of Automobile Manufacturers said Tuesday. Exports of “new energy vehicles,” including battery electric vehicles and plug-in hybrids, jumped 100% to 222,000 units in September, the industry organization said. That was slightly lower than the 224,000 units exported in August. China's EV makers have been increasingly looking abroad to markets such as Europe and Southeast Asia as overcapacity and price wars back home have pressured their profit margins. They invested more abroad than inside China last year, for the first time since 2014, the U.S.-based consultancy Rhodium Group said in a recent report. BYD -– one of China's largest EV makers -– said this month that the United Kingdom has become its largest market outside China. Its sales there rocketed 880% year-on-year in September. Chinese automakers increasingly are expanding investments in the Middle Eas
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