As the share of new energy vehicles continues to expand, the Chinese market for fuel vehicles is shrinking at an accelerated pace. According to data recently released by the Passenger Vehicle Market Information Joint Branch of the China Automobile Dealers Association, in September 2026, the sales share of fuel vehicles in the Chinese market fell below one-third for the first time, and the overall penetration rate of new energy vehicles climbed to a new high of 67%. Musk retweeted the relevant data and commented, “China's dependence on oil is rapidly declining.”

As the share of new energy vehicles continues to expand, the Chinese market for fuel vehicles is shrinking at an accelerated pace. According to data recently released by the Passenger Vehicle Market Information Joint Branch of the China Automobile Dealers Association, in September 2026, the sales share of fuel vehicles in the Chinese market fell below one-third for the first time, and the overall penetration rate of new energy vehicles climbed to a new high of 67%. Musk retweeted the relevant data and commented, “China's dependence on oil is rapidly declining.”