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China's EV exports reach new high
China's exports of electric vehicles experienced a record-breaking increase in May, reaching a value of $9.2 billion, a nearly 50% rise year-over-year, reflecting a growing global interest in clean energy alternatives. Conversely, exports of electrical technologies, including heat pumps and network equipment, declined by 6%, due to a 51% drop in solar panel exports and a 16% decrease in battery exports following the end of tax exemptions in April. These developments come amid rising oil prices and fuel supply disruptions, prompting countries to accelerate their shift to electric technology in order to reduce dependence on fossil fuels.
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