Insight
China's electric vehicle surge: a free market takeover
Report summary
Since the second half of 2020, China’s EV sales are rising vigorously, with their shares in total car sales rising from 6% in 2020 to 24% in the first half of 2022. Unlike the incentive-oriented growth in earlier years, a free-market takeover is driving this ongoing EV sales surge. The adoption of EVs is crucial to the transport decarbonization, which will also weigh on China’s car oil demand through to the long term. In this Insight slide deck, we address the following questions: • What are the key changes to market trends amid the EV sales surge? • What are the market drivers by looking into EV sales by segments? • What is China’s EV outlook through to 2050 and the impact on oil demand?
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