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Both Mexico City and Bogota saw breakthroughs on their streets in September. The deployment of more than 480 BYD and Yutong electric buses from China in Bogota, the capital of Colombia, began in September, while Mexico City recently put new buses into operation. Santiago, the capital of Chile, also boosted its fleet.

BloombergNEF data show China's gas dependency rate reached 38 percent in 2017, followed by 43 percent in 2018 and 42 percent in 2019.

Both companies have also agreed to explore new collaboration opportunities in the transportation and mobility sectors, with the ultimate goal of creating a safer, more efficient and sustainable transportation ecosystem in China.

Bloomberg estimated that the US demand will probably cool as federal tax credits for Tesla cars expire, but China's market for electric cars has remained strong since it overtook the United States as the world's largest new energy vehicle market in 2015.

Bogliolo identified China's rising young professionals, rather than the super-rich, as the backbone fueling exponential growth.