As Chinese EVs expand global footprint, banks raise export forecasts

Chinese automakers are expanding their presence in the global auto market, driven by the increasing popularity of electric vehicles (EVs). This surge in overseas shipments has led international banks, such as Goldman Sachs, to significantly increase their export forecasts for Chinese vehicles. Analysts note that these buoyant exports are helping to offset declining domestic deliveries and an anticipated overall sales decrease for Chinese automotive groups like BYD and Xpeng. Goldman Sachs reported a 63% year-on-year growth in China's new-energy vehicle exports during the first quarter, attributing it to a greater supply of competitive models. Consequently, the bank has raised its China passenger vehicle export volume forecast by 6% to 11% for the period between 2026 and 2030, projecting 7.8 million cars in 2026 and 10 million units by 2030.