Oil Price Shock Drives 140% Surge in China's EV Exports to Record High

Chinese electric vehicle exports soared by 140% to a record high in March as the fuel price shock drove consumers back to EVs. China exported as many as 349,000 electric vehicles last month, a record high number of any month ever, according to data from the China Passenger Car Association cited by Bloomberg. Drivers in Asia Pacific, Europe, and the United States started searching for EVs and hybrid options amid soaring fuel prices, following the war in the Middle East. The conflict has trapped more than 10 million barrels per day (bpd) of crude…