China’s accelerating auto export boom reveals two trends that challenge conventional assumptions. First, Russia—China’s largest single export market—is still overwhelmingly driven by internal combustion engine (ICE) vehicles. Second, while new energy vehicle (NEV) exports are concentrated in South America and Europe, some headline export figures do not necessarily reflect actual end-market demand.
Russia fuels China’s ICE exports while Europe’s NEV figures mask transshipment demand
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Aug