China’s 10 millionth EV rolls out, as makers set sights on exports to digest overcapacity
Chinese EV makers have delivered 9.75 million units to mainland buyers between January and October, a year-on-year jump of 34%
China has produced over 10-million electric vehicles this year, passing annual production milestone, even as worries mount about overcapacity, says South China Morning Post.
The China Association of Automobile Manufacturers (CAAM), an industry consortium backed by the government, announced that the 10 millionth EV rolled off the production line on Thursday, an increase of 4.3% from the same period last year, and beating the 2023 production seven weeks before the year's end. Dongfeng Motor's Voyah Courage SUV was the 10 millionth unit, according to local media reports.
While the rising production reflects China's prowess in the EV industry and domestic consumers' increasing interest in green and smart vehicles, it has also raised fears of excess capacity in the mainland's automotive sector where petrol-powered vehicles are shunned by buyers.
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"As EVs outsell conventional petrol cars, more existing production facilities and workers will become redundant," said Phate Zhang, founder of Shanghai-based EV data provider CnEVPost. "Demand for petrol cars will weaken in the coming years."
It was a journey that took 27 years, since the national statistics bureau began counting so-called new energy vehicles in its data in 2013. The first million mark was reached in 2018, rising to more than 6.5 million by 2022.
