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OIL PRODUCTS: China’s EV Sales Hit Record in September: Platts

OIL PRODUCTS
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China’s new EV sales hit 1.29m units in September, up 17% on the month and 42.3% on the year, according to Platts.

  • This hit an all-time high and surpassed levels set in August.
  • Sources told Platts that China’s EV sales are likely to continue rising in October – traditionally a peak season. Chinese government stimulus measures are also helping.
  • Platts estimates that EV penetration rate reached 45.8% of total vehicle sales. EV sales also surpassed car sales for a second consecutive month, reaching 51.8% of the Chinese market in September.
  • Growing penetration of EVs is likely to continue pressure on China’s gasoline market, gradually chipping away at demand.
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China’s new EV sales hit 1.29m units in September, up 17% on the month and 42.3% on the year, according to Platts.

  • This hit an all-time high and surpassed levels set in August.
  • Sources told Platts that China’s EV sales are likely to continue rising in October – traditionally a peak season. Chinese government stimulus measures are also helping.
  • Platts estimates that EV penetration rate reached 45.8% of total vehicle sales. EV sales also surpassed car sales for a second consecutive month, reaching 51.8% of the Chinese market in September.
  • Growing penetration of EVs is likely to continue pressure on China’s gasoline market, gradually chipping away at demand.