Iran war a boon for China’s e-trucks, fuelling export surge
BEIJING: China’s exports of electric trucks to other Asian countries have spiked, adding to a surge in domestic sales as higher fuel costs as a result of the Iran war accelerate regional electrification. China’s rapid adoption of e-trucks — from lighter vehicles to tractor-trailers — has partially shielded the world’s biggest auto market from the impact of the conflict. Now other countries are…
China's exports of electric trucks to Asian countries have surged following the Iran war, as higher fuel costs prompt regional electrification. In the four months since the US and Israel launched the conflict on February 28, China's exports of heavy electric trucks more than doubled to 16,823 vehicles. Half of these shipments went to South and Southeast Asia, with South Asian sales up over fivefold and Southeast Asian sales nearly tripling.
Diesel prices in South and Southeast Asian countries have risen significantly since the war began, with Sri Lanka seeing a 48% increase and the Philippines a 57% increase. China, the world's largest electric truck manufacturer, sees an opportunity to expand into these markets as diesel prices continue to climb. China's electric truck sales have risen dramatically in recent years, making up nearly 30% of truck sales in the country and accounting for over 30% of the country's diesel consumption.
These electric trucks are proving to be more cost-effective in the long run, with Chinese buyers seeing a payback period of just 18 months, down from 28 months before the fuel price surge. The conflict is expected to fuel rapid growth in e-truck adoption across Asia, Africa, and Latin America in the coming year.
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