China Electric Car Penetration Deepens Despite Uncertainty

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The threat to oil demand from electric vehicles (EVs) is intensifying in China, where EVs continue to deepen penetration in defiance of the economic uncertainties from a resurgence in Covid-19 cases. EVs continued their upward march to post triple-digit sales growth in March, contrasting sharply with the downtrend displayed by oil-fueled automobiles. Chinese consumers snapped up over 480,000 units of “new-energy” vehicles — comprising all-electric, plug-in hybrid and fuel-cell models — in March, a surge of 114% from a year ago. The March figure was also the second-highest monthly EV sales on record, trailing the historical peak of 531,000 units posted in December 2021.

Electric Vehicles, Oil Demand
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