China's 'Oil Dependency Dropping Fast,' Says Elon Musk Highlighting These Key Figures

Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk has highlighted China’s accelerating shift to electric vehicles as battery-powered cars and plug-in hybrids capture most new car sales, even as Chinese EV stocks tumble amid mounting industry pressure. Elon Musk Highlights China’s EV Boom On Thursday, Musk posted on X, saying, "China’s dependency on oil is dropping fast." China’s dependency on oil is dropping fast https://t.co/szVRvsJbTo— Elon Musk (@elonmusk) October 15, 2026 He shared a post by Nicolas Fulghum, senior energy and climate data analyst at Ember, who said conventional internal combustion engine (ICE) vehicles accounted for just 33% of China’s car market in September. Battery-electric vehicles captured 47.3% of the market, while plug-in hybrids accounted for another 19.7%, Fulghum said. He noted that ICE vehicles’ share had fallen from more than 90% to 33% in just five years. In September, China's combustion vehicle (ICE) sales dropped to just a third of the market for the first timeBattery electric vehicles are getting close to half of the market (47.3%), while Plug-ins added another 19.7%.Only 5 years from >90% to 33% ICE. pic.twitter.com/Q7jJiUKl4K— Nicolas Fulghum (@nicolasfulghum) October 15, 2026 Read Also: When Can You Buy a Tesla Cybercab? Investors Press Elon Musk on Robotaxis, HW3 FSD and More Ahead of TSLA's Q3 Earnings Chinese EV Stocks Face Mounting Pressure Despite rising EV adoption, Chinese automakers are struggling with reduced government support, excess production and intensifying price competition. Beijing has begun scaling back subsidies as officials view the industry as more mature. The country also omitted EVs from its strategic industries list in its latest five-year development plan for the first time in more than a decade. The changes come as manufacturers contend with price wars and slowing domestic demand. Company Name (Ticker)Change Over the Past 12 MonthsNio Inc. (NYSE: NIO)-48.68%XPeng Inc. (NYSE: XPEV)-55.50%Li Auto Inc. (NASDAQ: LI)-49.56%BYD Co. (OTC: BYDDY)-32.56% Tesla’s China Deliveries Extend Growth Streak Tesla delivered 95,366 China-made vehicles in September, up 5% from 90,812 a year earlier, according to the China Passenger Car Association. The increase marked Tesla’s 11th consecutive month of year-over-year growth. Meanwhile, major Chinese EV makers reported mixed-to-weak September delivery figures. Nio’s deliveries increased 7.7% year over year to 37,408 vehicles, marking its slowest growth rate of the year and a slowdown from 14.5% in August. XPeng delivered 41,256 vehicles, down slightly from 41,581 in September last year. Li Auto also declined, with deliveries falling to 31,817 from 33,951 a year earlier. Chinese automakers are increasingly pursuing overseas markets, including Europe, Southeast Asia and South America, to offset domestic pressures. Price Action: Tesla closed at $362.44 on Thursday, down 1.29%. In after-hours trading, it slipped an additional 0.046%, according to Benzinga Pro. According to Benzinga Edge Stock Rankings, Tesla ranks in the 54th percentile for Quality, with positive short-term price trends but negative medium- and long-term trends. Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. See More: Top Quality Stocks Photo Courtesy: Frederic Legrand – COMEO on Shutterstock.com