How China is becoming the Saudi Arabia of renewables

The maintenance costs of these vehicles are about half that of cars with internal combustion engines, according to an analysis by non-profit organisation Consumer Reports. In China, the number of new-energy vehicles reached 20.4 million, or around 6 per cent of all vehicle ownership.

China is on track to reach 10 million sales of such vehicles this year, according to the International Energy Agency. Hence, the automotive energy consumption is sharply shifting to electricity away from hydrocarbons.