China's electric tricycle makers boost output to meet rising exports

China's electric tricycle manufacturers are ramping up production capacity and intensifying research and development efforts to meet the surging export demand.

The country's export volume of electric tricycles reached 650,000 units in 2024, with a total export value of nearly 5.5 billion U.S. dollars, an increase of about 10 percent year on year.

An electric tricycle manufacturer in Changxing County of east China's Zhejiang Province has been handling a substantial number of overseas orders and coordinating domestic production daily since the operations resumed after the Spring Festival holiday.

To fulfill these orders, the company has upgraded its production line equipment to enhance efficiency, with a vehicle rolling off the line in only 10 minutes for the fastest speed.

"Currently, we have nearly 1,000 electric tricycles ready for delivery, an increase of 74.23 percent compared with the same period last year. Our target markets primarily include developed countries in Europe and America, as well as economically developed countries in Asia. From Jan 1 to now, our sales have exceeded 13 million yuan (about 1.78 million U.S. dollars)," said Wang Guofu, general manager of the company.

An electric tricycle company in Wuxi City of east China's Jiangsu Province currently ships over 1,000 vehicles overseas each day, said its executive.

Given the marked differences in required performances across various regions, the company has established factories overseas to facilitate targeted production.

"For example, in Africa and Southeast Asia, our emphasis is on three-wheeled and four-wheeled vehicles that can carry both passengers and cargo. Since the beginning of this year, we have achieved a production and sales volume of approximately 40 million yuan, doubling what we recorded during the same period last year," said Yang Guimin, supply chain manager of the company.

"There are 299 companies in Wuxi that engage in export of electric bicycles and motorcycles, with an export value nearing 3.3 billion yuan in 2024, an increase of 46.6 percent. The focus of market expansion is shifting from Europe and the United States to Southeast Asia, Africa and other regions with rising demand," said Xiao Chun, an officer of Wuxi Customs.

China's electric tricycle makers boost output to meet rising exports

U.S. stocks ended lower on Tuesday as climbing U.S. Treasury yields continued to weigh on investor sentiment.

The Dow Jones Industrial Average dropped 322.24 points, or 0.65 percent, to 49,363.88. The The Standard and Poor's 500 sank 49.44 points, or 0.67 percent, to 7,353.61, and the tech-heavy Nasdaq Composite Index shed 220.03 points, or 0.84 percent, to close at 25,870.71.

A primary source of downward pressure came from the fixed-income market. The yield on the benchmark 10-year U.S. Treasury note climbed back above 4.6 percent, while the 30-year Treasury yield nearly touched 5.2 percent, marking its highest level in nearly 19 years.

The high-yield environment acted as a drag on high-valuation growth sectors, which are particularly sensitive to elevated interest rates. Six of the 11 primary The Standard and Poor's 500 sectors closed in negative territory, with materials and communication services leading the declines by dropping 2.27 percent and 1.58 percent, respectively. In contrast, the healthcare sector gained 1.09 percent and the energy sector advanced 1.03 percent.

Market participants are also focusing on Wednesday's upcoming after-hours earnings release from Nvidia.

U.S. stocks close lower amid rising yields