China has achieved a significant milestone in its new energy vehicle (NEV) industry, becoming the first country to surpass 10 million units in annual NEV production. According to a report from state broadcaster CCTV, citing the China Association of Automobile Manufacturers (CAAM), the country’s NEV production reached this record level earlier today. This achievement marks a remarkable rise from 2013, when NEV production was first included in China’s statistics, starting with only 18,000 units. By 2018, the annual production reached one million units and surpassed five million by 2022.
With nearly two months remaining in 2024, China’s NEV production has already exceeded last year’s output by 4.3%, reaching a total of 9.77 million units for the January-October period, reflecting a 33.8% year-on-year increase. October alone saw a production spike to 1.46 million units, up 47.93% from the same month last year. Experts project that by year-end, China’s NEV production could exceed 12 million units, maintaining its role as a global leader in NEV output.
The bulk of China’s NEV production this year comprises 5.86 million battery electric vehicles (BEVs), marking a 14.06% rise year-on-year, while plug-in hybrid electric vehicles (PHEVs) reached 3.91 million units, an impressive 80.73% increase from last year. These numbers underscore China’s accelerating shift towards NEVs and its commitment to sustainable energy solutions in the automotive industry.
