China's oil giants Sinopec and PetroChina face challenges adapting to EV future as gasoline demand peaks in 2025.
China's oil giants, Sinopec and PetroChina, face challenges adapting to the electric vehicle (EV) future as EV sales are expected to account for 40% of China's car market this year, with gasoline demand predicted to peak in 2025 and halve by 2045. The state-owned companies operate 50% of China's gas stations and rely heavily on fuel sales, prompting the need for strategic shifts.
April 01, 2024
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