Pain at the Pump Fuels EV Rush in China
Rising fuel costs in the Middle East crisis drive China's electric vehicle sales, making it a timely boost for carmakers.
Rising fuel costs triggered by the Middle East crisis are emerging as an unexpected tailwind for Chinaβs electric vehicle (EV) makers, as consumers increasingly pivot towards battery-powered cars to avoid surging petrol bills. With Brent crude climbing past the psychologically significant US$100-a-barrel mark β and now trading above US$110 β mainland buyers are turning away from petrol vehicles, according to dealers and analysts. βItβs a no-brainer for me now,β said Wang Wenbo, a 25-year-old...