From EMBER
67% of China's car sales in September 2026 were EVs (47.3%) or plug-in hybrids (19.7%). In September 2016, just 0.86% were EVs or PHEVs. I estimate that EV/PHEV sales will reach nearly 100% of total Chinese car sales by late 2028. China is the world's largest car market and now also the world's largest car exporter. The electric cars on Chinese roads are already removing nearly 1 million barrels a day of global oil demand. Oil production is +-84 million barrels per day, so 1% of global oil demand has been taken away over the last few years. This is one reason why the Iran war hasn't caused an even bigger jump in oil prices. And it's a long way from being over — there are +-366 million cars on China's roads, and just 14% of them are electric. Oil demand will ultimately fall by 6 million barrels per day as a result of the transition to EVs in China alone.
No comments:
Post a Comment