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GASOLINE: More than Half China Vehicle Sales from EVs and Hybrids

GASOLINE
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China’s sales of electric vehicles and hybrids accounted for more than half of retail passenger vehicle sales in the four months from July, according to the China Passenger Car Association cited by Bloomberg.

  • The faster than expected uptake of EVs is forecast to impact transport fuels consumption. Chinese gasoline consumption is seen falling 2.1% from 2023 through 2030 by IEA but as much as 4% to 5% a year through 2030, according to Brokerage CITIC Futures Co.
  • The growing popularity of electric and LNG trucks is also weighing on diesel demand which could fall 3% to 5% a year through 2030, UBS said.
  • Whether full electrification can ever be achieved and the impact on fuel demand from plug-in hybrid vehicles remain uncertain.
  • New energy vehicle shipments are primed to surpass 10 million for the first time in 2024.
  • New energy vehicles account for about 10% of all cars on the road currently and expected to exceed 20% by 2027, said Anders Hove at OIES. Oil demand from light vehicles to fall from 3.5mbpd to 1mbpd by 2040, he added.

 

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China’s sales of electric vehicles and hybrids accounted for more than half of retail passenger vehicle sales in the four months from July, according to the China Passenger Car Association cited by Bloomberg.

  • The faster than expected uptake of EVs is forecast to impact transport fuels consumption. Chinese gasoline consumption is seen falling 2.1% from 2023 through 2030 by IEA but as much as 4% to 5% a year through 2030, according to Brokerage CITIC Futures Co.
  • The growing popularity of electric and LNG trucks is also weighing on diesel demand which could fall 3% to 5% a year through 2030, UBS said.
  • Whether full electrification can ever be achieved and the impact on fuel demand from plug-in hybrid vehicles remain uncertain.
  • New energy vehicle shipments are primed to surpass 10 million for the first time in 2024.
  • New energy vehicles account for about 10% of all cars on the road currently and expected to exceed 20% by 2027, said Anders Hove at OIES. Oil demand from light vehicles to fall from 3.5mbpd to 1mbpd by 2040, he added.

 

Keep reading...Show less