Reeling from the EU 'tariff bomb'...China's EV exports plunge 42% in November

China's electric vehicle exports plunged in November as the European Union began imposing high tariffs on Chinese electric vehicles.

Hong Kong's South China Morning Post (SCMP) reported that China's electric vehicle exports reached $1.58 billion (about 2.2 trillion won) last month, down 42% from the same period last year.

This is the lowest level since July 2022's $1.4 billion.

The decline is the steepest since April 2022, when global supply chains were disrupted by the lockdown in Shanghai following the COVID-19 outbreak and the outbreak of the war in Ukraine, the SCMP said.

Electric vehicle exports fell 19% in November compared to the same month last year.

China's decline in EV exports comes on top of weak exports to emerging markets, coupled with additional European tariffs.

In an anti-subsidy survey, the European Commission has raised the tariff rate on electric vehicles exported from China to the EU from 10.8% to 45.3% since October 30, up from 10%.

Due to this impact, EV exports to the EU fell 36% and exports fell 23% in the month of November compared to the same month last year.

In addition, exports of electric vehicles to ASEAN member countries fell about 25% year-on-year, and exports to Latin America plunged 47%.