China has reached a significant milestone in its electric vehicle sector, with its year-to-date new energy vehicle (NEV) production surpassing 10 million units for the first time, according to a report by state broadcaster CCTV, citing the China Association of Automobile Manufacturers (CAAM). This achievement makes China the first country in the world to reach an annual NEV production of 10 million units.
The milestone marks a dramatic rise from 2013, when just 18,000 NEVs were produced in the country in the first year that production and sales were officially tracked. By 2018, production had reached one million units annually, and by 2022, that number exceeded five million. As of today, with over a month remaining in the year, China’s NEV production is up 4.3 percent from last year’s total of 9.59 million units, with experts predicting it will exceed 12 million by the end of 2024.
In October, China’s NEV production hit 1.46 million units, marking a year-on-year increase of nearly 48 percent, and up almost 12 percent from September. For the January to October period, production reached 9.77 million units, reflecting a 33.8 percent year-on-year increase.
Breaking down the numbers, battery electric vehicles (BEVs) accounted for 5.86 million units produced from January to October, up 14.06 percent from the previous year, while plug-in hybrid electric vehicles (PHEVs) surged to 3.91 million units, a significant 80.7 percent increase from the same period in 2023.
