China Sets 70% EV and Hybrid Target for 2030, Pressuring Oil Demand
Source Summary
China's new five-year automotive industry plan targets electric and hybrid vehicles to reach 70% of passenger car sales by 2030, up from 54% at the end of last year. The plan, compiled by nearly a dozen Chinese government agencies, also aims for 40% of new commercial vehicle sales to be electric by 2030. Officials suggest the 70% passenger vehicle target could be achieved even earlier than 2030.
Why it matters
The shift toward electric and hybrid vehicles in the world's largest car market will significantly reduce global oil consumption for transportation fuels.
