How Chinese EVs are Minimizing the Adverse Effects of the Hormuz Closure
China’s massive fleet of battery electric vehicles (BEVs) seems to be acting as a buffer against volatility in international energy markets by cutting the Asian nation’s demand for oil. Although China is the largest importer of crude oil in the world, the ongoing Hormuz Strait closure isn’t affecting the country like past energy crises. With tens of millions of electric cars on Chinese roads, China just doesn’t have as much demand for oil as it used to. More than a decade ago, Beijing began an electrification program that cost hundreds of billions in subsidies and infrastructure costs and left China…
