This article first appeared on GuruFocus.
Chinese electric carmakers had a strong performance overseas in November, and the numbers are hard to ignore. Export volume increased by 87% year-on-year to nearly 200,000 vehicles, showing how quickly Chinese brands are moving out of the local market.
Mexico is the real shocker. Shipments in the region jumped more than 2,300% year-on-year to about 19,300 vehicles as Chinese automakers quietly ramped up deliveries. Overall, Asia remained the largest destination, taking in more than 110,000 EVs, while Europe took in nearly 43,000 EVs despite facing stronger political resistance and trade scrutiny. Exports to the EU alone increased by 39%.
Latin America also came into focus, with shipments to the region growing 283%. For companies like BYD ( BYDDY ), NIO and Xpeng Motors (NYSE: XPEV ), exports are quickly becoming critical as domestic competition in China intensifies and price wars squeeze profits. China’s electric car boom isn’t slowing down as it’s spreading around the world faster than most expected.