There’s a comforting story that oil bulls like to tell themselves to stave off worries about the future: While the privileged few in Europe and California might have lost their minds over electric vehicles, billions of drivers in the Global South are readying themselves to provide the next wave of petroleum demand.
Those who believe this might want to have a look at the cars and two-wheelers that people are actually buying right now. Far from trailing the rich world in their enthusiasm for battery cars, developing nations are surging ahead.
China (where plug-in vehicles have nearly half the market)