ANOTHER UNACCEPTABLE FACE OF CAPITALISM.
About a decade ago, encouraged by government subsidies, hundreds of automakers across China, both established players and startups, waded into electric-car manufacturing. They churned out huge numbers of early-stage EVs — relatively no-frills cars whose batteries in some instances could only run for around 100 kilometers (62 miles) on a charge. Those vehicles were mostly bought by ride-hailing companies that leased them to drivers. The demand helped juice an industry that has grown exponentially ever since. China is now the world leader in clean cars, producing around 6 million EVs and plug-in hybrids last year, or almost one in every three new cars sold domestically. It accounts for 60% of the world’s current electric fleet, and has the most extensive EV charging infrastructure on Earth — also built with government support. But that lightning-fast development also left behind plenty of casualties. Many of the ride-hailing companies that were early adopters of EVs have gone out of business. There are now around 100 Chinese electric-car makers, down from roughly 500 in 2019. The graveyards are a troubling consequence of that consolidation. Not only are the sites an eyesore, getting rid of EVs so quickly reduces their climate benefit considering they’re more emissions-intensive to build and only produce an advantage over combustion cars after a few years. Each of the vehicles’ spent batteries also contain precious ingredients like nickel, lithium and cobalt — metals that could be recycled to make China’s EV industry more environmentally friendly. According to local media reports, the government of Hangzhou has vowed to dispose of the cars, which started to accumulate in 2019. But when Bloomberg News visited late last month, reporters uncovered several sites filled with abandoned EVs in the city’s Yuhang and West Lake districts after scouring satellite images and hacking through overgrown dirt paths. Capitalism at its worse, short term greed to the detriment of the environment.
