Chinese EV Sales Reach Record High with 34% Surge

China’s 10 millionth EV rolled off the production line on Thursday, beating the 2023 production seven weeks before the year’s end amid growing worries of overcapacity. Chinese EV makers delivered 9.75 million units to mainland buyers between January and October, good for a robust 34% Y/Y increase. Helped by government subsidies of up to $2,800 apiece for trading in older cars for EVs as well as more fuel-efficient cars, China Passenger Car Association (CPCA) secretary-general Cui Dongshu has predicted that China’s EV revolution…