China electric taxis cut oil imports

China's rapid electrification of its taxi and ridesharing fleet has significantly reduced its oil dependence, providing a buffer against oil price shocks from the Iran war and Strait of Hormuz closure. In May, taxi and rideshare trips grew 6% since the war began, while gasoline and diesel consumption fell 10% and 14% year-on-year. Oil imports dropped 41% in June. Didi Global registered 2 million new hybrid/electric cars, bringing its non-fossil fuel fleet to 8 million. JP Morgan analyst Natasha Kaneva noted the conflict accelerated structural changes, forecasting petroleum demand to continue declining. Greenpeace predicts 90% of taxi/rideshare mileage will be electric by 2035.