China Reaches Peak Gasoline in Milestone for Electric Vehicles

[Danny ter Haar]

https://www.bloomberg.com/news/newsletters/2023-08-29/china-reaches-peak-gasoline-in-milestone-for-electric-vehicles

China has been the largest driver of global growth for refined oil products like gasoline and diesel over the last two decades. But EV adoption rates in China are now soaring, with August figures likely to show plug-in vehicles hitting 38% of new passenger-vehicle sales. That’s up from just 6% in 2020 and is starting to materially dent fuel demand.