Lithium battery exports rose from USD 8 billion to over USD 65 billion (plus 713 per cent), and solar panel exports surged from USD 11 billion to USD 44 billion (plus 300 per cent). Figure 2: China’s export of “New Three” and its share of total exports Source: Authors.
China maintained its dominant grip on the export of solar panels and modules: The total solar module exports from China in 2023 amounted to around 220 Gigawatts (GW) of generation capacity, up 33.5 per cent from 2022 (when about 164 GW capacity was exported), possibly driven by global markets’ efforts to expand clean energy generation.
The US is the main importer of Chinese lithium batteries, though this may change in 2024 due to new policies. Exports of (pure) electric vehicles surged to 1,545,832 units, marking a 64 per cent increase from 941,922 units in 2022. This amounted to USD 34 billion, reflecting a 70 per cent rise compared to USD 20 billion in 2022.
Chinese exports of solar panels and lithium batteries reach about 220 countries, while the export destinations of electric vehicles have expanded to 175 countries by 2023, up from 105 in 2017.
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