As China’s electric vehicle (EV) market continues to boom, the nation is posing an existential threat to Saudi Arabia and OPEC.

Sales of plug-in electric vehicles reached 32% of the Chinese market for standard passenger cars in February, while diesel and petrol car sales dropped 20% YoY.

The nation’s best-selling EV, the BYD Song Plus, retails at around $27,000, while the Wuling Mini starts at around $5,000.

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This takes the consensus forecast for EV market penetration from 40% by 2030 to as much as 80% by 2030, said Kingsmill Bond from energy strategists RMI.

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