sales were virtually zero two years ago, today BEV semis account for 3.4 percent of the market, and again the trend is only expected to continue and accentuate. They still can’t match the range of their diesel-burning counterparts, so they are almost exclusively being used for short-haul routes around cities.
However, as battery technology continues to progress, this will make electric trucks suitable for an increasing number of roles for longer haul jobs. In China they are also embracing battery swapping not only for passenger cars, but trucks and vans too. The country will have some 34,000 commercial EVs with swappable batteries on the road in the near future.
Data says China saw a 318 percent increase in the number of battery swapping stations and yet more are still planned. This will all have an impact on global oil prices, also driven by the increasingly larger share of new electrified vehicles being bought in China - such vehicles currently make up 22 percent of new car sales in the PRC and the trend shows no signs of slowing down.
Then the oil market needs to adapt.
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