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The Chart That Shows Why China Is Desperate to Switch to Electric Cars

The government considers new incentives to slow skyrocketing gasoline consumption.
Todd Woody May 19 2014, 12:59 PM ET
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Reuters

Over the past decade, the number of cars sold in China has jumped from 2 million a year to nearly 20 million. No surprise, then, that oil consumption soared from 250,000 barrels a day to 2.25 million barrels a day between 2003 and 2013, according to a new report from United States Energy Information Agency. As a result, since 2009, China has been forced to import half of its oil.

That hockey stick-like growth has, of course, exponentially worsened China’s catastrophic pollution and so the government’s latest 5-year plan calls for 500,000 electric and hybrid cars to be on the road by 2015, with 5 million by 2020. To hit those targets, China has invested billions of dollars to jump-start the country’s electric car industry. It’s also providing subsidies to get the motoring masses to go fossil-fuel free.
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