China's EV penetration could reach 80% by 2030, Sinopec researcher says
XLE•China has about 23 million charging stations
China currently has about 23 million charging stations, around two-thirds of which are home chargers, with the remainder being public charging facilities, Wang said. The availability of charging infrastructure in both large and small cities has encouraged more consumers to switch to EVs.
China EV penetration seen rising to 75% to 80% by 2030
China's electric vehicle penetration rate is expected to continue rising, albeit at a slower pace toward the end of the decade, to reach 75% to 80% by 2030, a researcher at state oil company Sinopec said on Thursday.
The continued growth of the sector is set to curb oil demand in the world's largest crude oil importer.
Adoption accelerated by subsidies and charging infrastructure
EV penetration in China, the world's largest market for the vehicles, reached 65% in July, up from 53% last year and just 5% in 2020, according to Wang. The figures include both battery electric vehicles and plug-in hybrid vehicles.
Wang said nearly all public transport vehicles in China were now electrified.
She attributed the rapid growth of EV adoption to previous government subsidies and the country's extensive charging infrastructure.
