EV sales' boom in China threatens to push gasoline demand off a cliff

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EV sales' boom in China threatens to push gasoline demand off a cliff - Business Standard

Quick Summary:

Unlike in the US and Europe - where peaks in consumption were followed by long plateaus — the drop in demand in the world’s top crude importer is expected to be more pronounced.

Chinese sales of electric vehicles and hybrids have reached a tipping point this year in their tug-of-war with internal combustion engines.

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.