A record quarter
Shenzhen's Yantian and Shekou ports handled 248,000 new energy vehicle exports in Q1 2026, up 41% YoY and the strongest quarter on record, according to Shenzhen Customs data published Wednesday.
The composition
- BYD: 41% of units (Atto 3, Dolphin, Seal)
- Geely-Zeekr: 19%
- NIO: 12%
- Other: 28% (XPeng, Li Auto, Great Wall)
The European Union is the largest single destination, taking 34% of units. Russia is the second-largest at 18% but is now growing more slowly (+8% YoY) on ruble depreciation and the impact of the secondary sanctions regime on auto-related financing.
The destination story
- EU 27: 34% (Germany, Spain, Belgium lead)
- Russia: 18%
- ASEAN: 14%
- Australia / New Zealand: 9%
- Middle East: 8%
- Other: 17%
The EU is the new Russia. The margin is comparable and the demand is more durable. — Deutsche Bank, autos research
Risk factors
- The EU CBAM Phase 2 implementation (May 2026)
- Any incremental U.S. tariff on Chinese EV imports
- A ruble break that closes the Russian order book
