https://www.bloomberg.com/news/articles/2024-11-28/china-s-ev-boom-threatens-to-push-gasoline-demand-off-a-cliff

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China's EV Boom Threatens to Push Gasoline Demand Off a Cliff

  * Sales of new energy vehicles have reached a tipping point
  * Forecasters expect fuel consumption will decline rapidly

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By Bloomberg News
November 27, 2024 at 8:05 PM EST
Save

From Tesla chargers in the ancient alleys that surround the Forbidden
City in Beijing to lonely highway rest stops with charging posts in
the western deserts, signs of the electrification of China's
transport fleet -- and the demise of gasoline -- are everywhere.

Now, according to official statistics, China's sales of electric
vehicles and hybrids have in fact reached a tipping point. They've
accounted for more than half of retail passenger vehicle sales in the
four months from July, according to the China Passenger Car
Association, a trend that's poised to send appetite for transport
fuels into a decline that will have a major impact on the oil market.

 
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