Shutterstock Save for later Print Download Share LinkedIn Twitter 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.
