China’s electric vehicle makers shipped 199,836 cars overseas in November, up by 87% year-on-year and 29% higher year-to-date, according to data published by China Customs. This rally has also lifted total exports for the year so far to an unprecedented 1.98 million units, with buyers in Asia, Europe, Latin America, Africa, and Oceania all taking the largest volumes, while shipments to Northern America shrank thanks to Trump’s trade wars. Beyond autos, China’s industrial profits fell 13.1% in November from a year earlier after a 5.5% decline in October. Forecasts had pointed to a deeper drop. For the first 11 months, profits rose just 0.1%, slowing from a 1.9% gain earlier in the year. Manufacturers still posted a 5% increase, backed by aerospace and electronics, while utilities stayed positive and mining losses remained in double digits. Officials have so far avoided new stimulus as the 5% growth target stays within reach. Mexico tops China’s November EV sales while regional demand stays uneven Mexico ranked first among all Chinese EV export destinations in November, taking 19,344 electric vehicles, a massive 2,367% jump from a year ago, while its total deliveries there reached 96,194 units for the year so far, up 150%, making Mexico the fastest-growing market for China this year. Across regions, Asia absorbed 110,061 vehicles in November, a 71% rise, and reached 994,132 units year to date, up by 36%. According to China Customs, Europe followed with 42,927 vehicles, up 63%, and 604,105 units shipped so far this year. Chinese EV shipments into the European Union alone climbed 39% to 25,792 vehicles during the month. Meanwhile, Latin America and the Caribbean recorded the sharpest regional growth, with 35,182 vehicles in November, up 283%, bringing the annual total to 249,502 units, a 65% increase. Oceania imported 6,348 vehicles, up 70%, while Africa received 4,632 units, a 134% rise, lifting its yearly total to 37,101 vehicles. Northern America stood out on the downside, with only 686 vehicles shipped in November, a 46% plunge, leaving year-to-date deliveries at 8,668 units, down by 73%. Among individual markets after Mexico , Indonesia imported 17,503 vehicles in November, up 302%, with 97,267 units shipped this year. Thailand received 13,517 vehicles, rising 66%, while the Philippines took 12,562, up 30%, and Malaysia imported 9,626 vehicles (up 273%), and Turkiye recorded 9,292 units, a 760% surge. The UK received 9,096 vehicles, rising 113%, while Belgium imported 8,953, up 8.6%, even as its yearly total slipped 15%. Brazil took 8,504 vehicles, up 155%, and India imported 8,288, rising 6.4%. Leapmotor deal and profit slump add pressure at home for China EV markets At home, China’s crowded EV market continued to thin as Zhejiang Leapmotor agreed to sell 3.74 billion yuan, or $534 million, worth of shares to state-owned FAW Group, giving FAW a 5% stake once regulators approve the deal, which could take months, according to Bloomberg. The transaction comes as more than 100 Chinese EV brands fight for buyers while sales growth slows, since years of price cuts have hit margins across the supply chain, and authorities have encouraged state-backed companies like FAW to absorb smaller players. Leapmotor, which runs a global distribution venture with Stellantis NV, is among the few local EV makers posting profits. Its family-focused SUVs helped sales in the first 11 months of 2025 double from a year earlier, passing its 500,000 vehicle target ahead of schedule. Leapmotor CEO Zhu Jiangming said in a company WeChat post on Sunday, “The goal is to sell one million vehicles next year and reach four million in annual sales within ten years.” Sign up to Bybit and start trading with $30,050 in welcome gifts
