China’s massive fleet of battery electric vehicles (BEVs) seems to be acting as a buffer against volatility in international energy markets by cutting the Asian nation’s demand for oil. Although China is the largest importer of crude oil in the world, the ongoing Hormuz Strait closure isn’t affecting the country like past energy crises. With tens of millions of electric cars on Chinese roads, China just doesn’t have as much demand for oil as it used to.
As companies like Massimo Group (NASDAQ: MAMO) also increase their sales in the markets where they operate, more regions around the world could see meaningful reductions in the amount of crude oil needed within the…
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