China's Electric Vehicle Boom: Global Automakers Feel the Pinch of Soaring Oil Prices A significant shift in the Chinese automotive market has left international automakers reeling, as rising oil prices have decimated demand for gasoline vehicles. According to the latest market share data, global brands have seen their market presence shrink to just 31 percent in May, a stark decline from previous years. The collapse in gasoline vehicle sales has created a perfect storm for electric vehicles, which have been gaining traction in the country. As China continues to push for cleaner energy solutions, will global automakers be able to adapt and maintain their market share, or will they be left in the dust by their domestic competitors?
International automakers suffered deeper market share losses in China as soaring oil prices collapsed gasoline vehicle demand. Global brands held just 31 percent of the market in May. Electrified ...
