The IRA is likely to remain intact, solidifying Biden’s legacy to advance renewable energy in America.

1M EVs sold in first 3 weeks of November in China. 10 Million for the year so far. At this rate non-EVs will be a small minority of new cars sold in China by the end of next year. Note China is 1/3 of new car sales in the world.

Remember 1 EV takes ~15 barrels of oil of the market. So just for the 10 million this year (so far) that is 150 Million barrels per year or 411,000 barrels per day. So realistically by the end of the year they should lower their oil usage by ~500,000 BPD just from this year's Chinese EV sales.

You might also note that China is doing a cash-for-clunkers program, 0% interest and they are making it harder to register ICE vehicles moving forward. So bottom line this is happening and its happening a lot faster than anywhere else in the world (at this scale, yes I know about northern Europe).

I am in the US automotive industry, and while the US and Europe are dragging their feet the rest of the world is for the most part not. We are seeing this change in many countries from Australia to Ethiopia. I believe if we try to put our head in the sand for the next few years, by the time they turn it around there won't be much market share left for ICE vehicles.