China’s 70% EV Target Deals Another Blow to Oil Demand The latest move from Beijing to accelerate the adoption of electric vehicles has sent shockwaves through the oil industry.
Analysts predict that the 70% target for EV sales by 2030 will be reached even sooner than anticipated. This shift is not just about meeting climate targets but also about reshaping China's entire energy landscape.
In August, electric vehicles and hybrids accounted for 65% of all passenger car sales in China, according to data from the local Passenger Car Association.