Iran war a boon for China’s e-trucks, fuelling export surge

Business Recorder reported from Beijing that shipments of Chinese electric trucks to other Asian nations have jumped, adding to strong domestic demand as fuel costs climb because of the Iran war. Heavy e-truck exports abroad more than doubled over the four months after the conflict began on February 28, reaching 16,823 vehicles compared with the same period last year. Nearly half of those units were bound for South and Southeast Asia, where shipments to South Asia rose more than fivefold.

Fuel prices are a major factor, since South and Southeast Asia lean heavily on Middle Eastern oil and diesel has jumped sharply after Iran shut the Strait of Hormuz. GlobalPetrolPrices.com data cited in the report show diesel costs have climbed in the Philippines (57%) and Sri Lanka (48%) since the war started, while Chinese government figures put the domestic rise at 15%. Sany is shifting its attention from Europe toward Southeast Asia and is also making less expensive models, while Zhaoting Yue says payback on an electric heavy truck has fallen from 28 months to 18 months.

Adoption still faces hurdles such as costlier vehicles and thin charging networks, and exports remain modest next to China's car and motorcycle shipments. The Centre for Research on Energy and Clean Air estimates China's e-truck fleet will avoid burning oil equal to 141 million barrels over the current year, above 3% of the country's total.