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(Bloomberg) — China’s exports of electric vehicles climbed to an all-time high in May, extending a surge that has been fueled by higher oil prices linked to the war in Iran. Overall exports of electricity technologies, including solar panels and batteries, remained near record levels.
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Shipments of electric vehicles reached $9.2 billion, up almost 50% from the same period a year ago, according to China’s General Administration of Customs. The increase is a sign of the country’s growing competitive edge in advanced transport and rising global demand for alternatives to fossil fuels.
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When monthly exports of other electricity technologies, such as heat pumps and grid equipment are included, the total is 6% below the record reached in March. Much of the decline can be explained by the drop in solar photovoltaic and battery exports, which are down 51% and 16%, respectively. The retreat in solar followed the expiration of export tax rebates on April 1.
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Disruptions to fossil-fuel supplies stemming from the US and Israel’s attack on Iran and the effective closure of the Strait of Hormuz have bolstered interest in China’s clean-energy products.
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“The current energy crisis has reinforced the value of electrification as a pathway to greater energy security, reduced fuel import exposure and long-term transport cost savings,” said Lam Pham, energy analyst for Asia at Ember.
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Analysts at BloombergNEF also expect demand for electrification to keep growing. “Technologies that enable net fossil-fuel importing countries to decouple from geoeconomic uncertainty may gain added impulse,” the analysts concluded in the recently published New Energy Outlook.
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