China’s 70% EV Target Deals Another Blow to Oil Demand ...Middle East

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China’s 70% EV Target Deals Another Blow to Oil Demand
source : OILPRICE ( Middle East ) () 36
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 government agencies, China also targets to have 40% of new commercial vehicle sales be electric by 2030. The 70% target by 2030 could even be achieved earlier…

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