The Iran war is driving increased interest in EV purchases, buoying the prospects of Chinese behemoth BYD.
The electric carmaker last week reported its first decline in annual profit since 2022, but worries over rising gasoline prices has boosted its business.
Searches for used BYD vehicles were up nearly fivefold year-on-year in the UK, while its chairman told analysts that the surging cost of energy would push the company’s sales to “another level.”
It now projects annual overseas sales to hit 1.5 million this year, 15% higher than its earlier forecast. In one advert in Europe, the firm notes: “Fuel prices change, your plans don’t. Save money with a BYD.”