Chinese EV exports jumped by 124% in the first quarter of the year, and analysts forecast that the war in the Middle East could further boost their fortunes as gasoline prices soar globally.
While much of East Asia has been roiled by higher oil prices, China’s rollout of green energy — along with its enormous stockpiles of crude — has allowed it to weather the crunch.
And with countries rushing to invest in renewable energy as they vie for energy independence, Chinese producers are set for a huge windfall; China accounts for around 80% of global solar panel production, and is home to the four largest wind turbine makers. “All paths to renewable power run through China,” The New York Times reported.