OilPrice.com sent me a link to this.
Is This The Beginning Of The End For Gasoline In Asia’s Largest Markets?
As the rise of electric cars looms ever larger on the horizon for India and China, far-reaching implications for the global oil market are impending.
China released a "road map" this month stating their plan to replace at least one-fifth of new car sales with alternative fuel vehicles by 2025. India proposed to take more extreme actions, creating strategies to electrify all vehicles in the country by 2032, as reported to Reuters.
China’s Guangzhou Automobile Group (GAC) has already begun construction on a huge new manufacturing facility dedicated solely to the production of electric cars in the southern Guangdong province. With a projected construction budget of nearly $700 million, the plant will have a manufacturing capacity of 200,000 cars annually once completed by the end of next year. GAC anticipates that the new factory will cast China as a strong leader of the global green car movement.
Fascinating.
EVs in India and China are a big deal, but not yet that big. To answer the question in the link above,
No, it isn't, and you shouldn't talk such nonsense.
This is not the beginning of the end for gasoline. But, as Churchill described Rommell's defeat at El Alamein during WW II, it may be the end of the beginning. That is to say that it shows us the way to Peak Gasoline and, as we slide down the other side, to Peak Oil.
We have to get to the point where growth in the automobile market, measured by gasoline consumption rather than dollars or units, is all covered by new EV and hybrid sales, with a little boost from more fuel-efficient gas sippers. Global oil consumption is growing by only about 1% a year, comparable to renewable energy growth, but still ahead of EV growth. So, not yet, but we can make out the outlines from here.
OilPrice.com is given to breathless headlines, sometimes about complete frauds. Let's look into that a bit, and then examine the real story about Asian EVs.