More than 50% of vehicles sold in China are EVs

China’s EV market has grown rapidly. Five years ago, EV’s accounted for ~5% of China’s vehicle sales and now they account for >50%. The number of EVs sold in China is quickly approaching the total number of vehicles sold in the U.S. The ramp up of China’s EV market is expected to bring a peak in domestic gasoline demand. However, total oil demand continues to grow in China due to a growing petrochemical sector and rising jet fuel demand.