Wednesday, 15 July, 2026
The EV Shield: How China's Electric Taxis Are Defusing the Hormuz Oil Crisis
By TechShots Studio
China has found an unexpected buffer against soaring global oil prices triggered by the Iran war and the Strait of Hormuz blockade: a massive boom in electric ridesharing. As domestic gasoline costs rise, an influx of drivers utilizing cheap EVs has driven taxi fares down. This unique economic quirk led to a record 3.05 billion trips in May, cutting China's monthly gasoline demand by 10%.
Read full story at REUTERS