China is poised to lead the global shift to electric vehicles, said a recent report by the UK media outlet Financial Times, citing assessments from four investment banks and research institutes.

The report said that electric vehicle sales in China will surpass 12 million units, an estimated year-on-year growth of 20 percent. This projection outstrips both Chinese and global market expectations.

Estimates also suggest that sales of traditional fuel-powered vehicles will plummet to under 11 million units, reflecting a yearly decline of over 10 percent.

The report said such a trend underscores the accelerated timeline by which electric vehicle sales in China outpace sales of traditional fuel-powered vehicles, far ahead of Western rivals.