Demand for electric motorcycles increases - Unstoppable oil price hike "booms" Chinese factories
Chinese electric motorcycles are gaining popularity in overseas markets due to rising international oil prices driven by geopolitical conflicts. An electric bicycle company in Jinhua city, east China's Zhejiang province, is racing against time to fulfill export orders.
"Recently, order volumes have increased significantly. In March alone, we exported more than 6,000 electric bicycles, and in April we will ship over 7,000 units. Our production orders are already scheduled until July," said Liu Du, deputy director of the company.
A person in charge of an electric motorcycle company in Jiangmen City, Guangdong Province in southern China, said its inventory in the Southeast Asian market is almost sold out and requires urgent replenishment.
Many other electric motorcycle companies in the city reported that since early March, steadily rising oil prices have boosted both demand and exports of electric motorcycles.
"Since March, the order demand for our electric motorcycles has increased significantly, up 30 percent compared to the same period last year," said Zhang Linqing, manager of the international trade department of a local electric motorcycle company.
"In March this year, manufacturing enterprises in Jiangmen exported electric bicycles, motorcycles and spare parts worth about 3.6 million dollars, a year-on-year increase of 1.4 times," said Li Wen, head of the supervision section of Gaosha Customs.
The conflict in the Persian Gulf has caused shortages of liquefied natural gas and oil in many countries due to the reduction in sea traffic through the main oil shipping route, the Strait of Hormuz. The closure of the sea route has already increased global oil prices.
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