By: Gavin Mooney
The ICE death spiral is well underway in the world's largest car market. EV sales just topped 50% for the first time ever.
What is all the more astonishing is the rate at which this transition is occurring. Four years ago - in July 2020 - EV's barely accounted for 5% of sales. By July 2024 the share had risen to 51%.
On the other hand, the prospects for ICE vehicles are looking grim. China's 2023 ICE vehicle production was a whopping 37% lower than its peak in 2017.
And ICE factories are becoming stranded assets, an issue anticipated for years by industry observers. These "zombie" car factories are on the rise because more and more consumers are opting for EVs.
And it's easy to see why. Prices for EVs continue to fall and they offer a far superior driving experience. Around a 60% share of EV models in China are now cheaper than their equivalent ICE.
hashtag#energy hashtag#sustainability hashtag#automotive hashtag#emobility hashtag#energytransition
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China have really done us proud. Let us this planet by all means.
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@tabitha_kimani Yes, we should all protect our only planet!
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💚💚💚