Shocking Photos of the Graveyard of Increasing EVs Signal the Approaching Footsteps of China’s Bubble Collapse
Huge dumping grounds have emerged in the suburbs. More than 70 companies are going bankrupt one after another, fueled by the government's termination of subsidies
As far as the eye can see, cars, cars, cars—.
What appeared in the provincial capital of Hangzhou, Zhejiang Province, China, was a giant electric vehicle (EV) graveyard. There are about 200 to 300 abandoned EVs. The majority of them have punctured tires, rusted bodies, and are in a pitiful state.
Now, in China, the number of EVs is increasing. In local cities in Zhejiang Province, there is also a super large disposal site where 2,000 EVs have been abandoned, covering an area equivalent to two Tokyo Domes.
Why are “graveyards of EVs” increasing? Behind this lies the shadow of the Chinese EV market, which has been leading the world.
“In China, new energy vehicles (BEVs/FCEVs/PHEVs) have recorded the highest sales worldwide for nine consecutive years since 2015, with approximately 9.5 million units sold last year. At one point, there were about 300 EV manufacturers in the country.
However, in the past two to three years, the number of bankruptcies among these companies has sharply increased. The government, stating that the ‘period of market cultivation has ended,’ has gradually reduced preferential treatment for companies and subsidies for buyers since 2020. As a result, more than 70 EV manufacturers have gone bankrupt from 2021 to 2023, and it is expected that 70% will be eliminated by 2026.” (National newspaper, Economic Affairs Reporter)
