This demand reduction is great for those without the means to be early adaptors of electrification of transportation. The faster that wealthy people curtail their burning of fossil fuels at disproportionate rates, the better off poor people are to meet their day to day transportation needs.
Half the car sales in China are electric. The fact of the matter is that most of the buyers are poorer then Americans who refuse to buy EVs for the most part, being well below global average.
China is heavily subsidizing the EV market enabling more to be early adopters domesticly. Americans are not refusing EVs, they’re making financial decisions based on the environment they live in. Electric transportation is not a good financial decision for most people in the US right now. Hopefully that changes with some more government projects and subsidies.
The article describes this as bad news for China’s oil market, so this seems like good news for EVs and renewable energy overall.
