China’s electric car revolution hammers demand for oil. Demand faces a dramatic slowdown as China’s EV revolution pushes ICE vehicles off the road. EVs accounted for half of Chinese car sales last year, and the IEA has forecast that this will rise to about 60 percent this year.
Source: mafco
3 Comments
Unequivocally good news.
Tragically ironic, and telling, that the U.S. has chosen to turn away from the progress on display here towards a diminished, filthier future.
Good news. The only thing I’d like to note, is that the 50% number includes plug-ins.
Still, BEVs are ramping up pretty fast!
I know things look grim environmently now, but just imagine what it is going to be like when SMRs are mainstream.
We are on the verge of a dramatic change, and major oil producing countries are throwing everything, including the kitchen sink, at us to slow things down.
In the end, they will lose, but they will have massive financial resources.
Just remembered them when we all have to face the coming storms.