China’s electric taxis are blunting the Hormuz oil shock, but only at the margins

China’s crude oil imports fell 41.3% in June from a year earlier to 29.27 million tonnes, the lowest monthly total since October 2016, according to customs data released on 14 July. Five months into the Strait of Hormuz crisis, Beijing is buying less oil than at any point in a decade.

Some of the slack is being absorbed at charging stations. About half of China’s 1.3 million-strong taxi fleet now runs on batteries, according to the Ministry of Transport, and in the largest cities the share is closer to 100%, the visible edge of an EV penetration curve a decade in the making.

Didi, the dominant ride-hailing platform, says it registered another 2 million hybrid or electric cars last year, taking its non-fossil fleet to 8 million vehicles. Electric cars now cover 75% of the mileage booked through the app.

The effect shows up in the fuel numbers. China burned...

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