China EV Penetration Hits New High

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Electric vehicles (EVs) climbed to a new peak to reach a quarter of China's overall auto sales in April. That adds to downward pressure on gasoline and diesel demand, which is also taking a hit from declining overall auto sales. Vehicle sales in China recorded their worst monthly performance in a decade as the country’s “zero-Covid” policy forced a new wave of lockdowns and factory production halts, adding more pressure to an economy still struggling to shake off property-sector woes. “April auto sales sank to around 1.2 million units — a new monthly low in 10 years,” said the China Association of Automobile Manufacturers (CAAM).

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