China’s 70% EV Target Deals Another Blow to Oil Demand
China aims to have electric and hybrid vehicles account for as much as 70% of all passenger car sales by 2030, in a massive transport shift set to further dent oil demand for road fuels. As of the end of last year, the share of the so-called new energy vehicles was 54% of all passenger vehicle sales. In the new five-year plan for the automotive industry compiled by nearly a dozen Chinese…
China aims to have electric and hybrid vehicles make up 70% of all passenger car sales by 2030, according to a new five-year plan for the automotive industry. As of last year, electric and hybrid vehicles accounted for 54% of all passenger vehicle sales. Analysts believe this target could be met earlier than planned, as the recent surge in oil and fuel prices is accelerating the shift to electric vehicles.
In August, EVs and hybrids made up 65% of China's total passenger car sales, according to data from the local Passenger Car Association. The ambitious EV targets are expected to continue reducing road fuel demand, which has been falling for the second consecutive year. This year's decline has been steeper due to the energy price shock following the start of the war in Iran.
Chinese state refiners, such as Sinopec, the world's largest refiner by capacity, expect Chinese oil demand to drop by 8.9% in 2026, with gasoline demand falling by 8.7% and diesel consumption crashing by 11.4%.
Written by urgent.news from OilPrice's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- China’s 70% EV Target Deals Another Blow to Oil Demand finance.yahoo.com
