Reuters reports on how China's massive EV fleet is cushioning the country from the worst of the oil price shock caused by Iran's closure of the Strait of Hormuz. Truck and taxi drivers say electricity prices have barely moved while fuel costs surge. The auto sector accounts for about 40% of China's oil consumption, and EVs now make up more than half of passenger vehicle sales. An Economist Intelligence Unit analyst says oil demand from Chinese road transport is no longer driving growth. China's total EV fleet is now roughly the size of the rest of the world's combined.