As Chinese EVs expand global footprint, banks raise export forecasts

As Chinese EVs expand global footprint, banks raise export forecasts With a boost in global exports offsetting domestic dips, banks forecast significant growth in overseas markets – especially western Europe Spurred by the rising popularity of electric vehicles (EVs), Chinese carmakers are consolidating their foothold in the global auto market, prompting international banks like Goldman Sachs to significantly raise their export forecasts. “China’s new-energy vehicle exports have been accelerating, with 63 per cent year-on-year growth in the first quarter of 2026, driven by increasing supply of competitive models,” Goldman Sachs said in a research report released on Thursday. “We are raising our China passenger vehicle export volume by 6 to 11 per cent over 2026 to 2030, expecting 7.8 million cars in 2026 to 10 million units in 2030.” Excluding mainland China and the US, sales of Chinese-branded cars worldwide would account for 17 per cent of the global total in 2030, it added. Chinese carmakers sold a total of 1 million units in western European countries last year.