While the Iran war has disrupted global supply chains, it has also created opportunities for companies making clean energy technology and electric vehicles.
Hyundai’s EV sales in the US increased by 40% from February to March, as fuel prices rose due to supply shortages, CEO José Muñoz said at a Semafor dinner Tuesday. The situation has highlighted the back-and-forth nature of EV demand that has plagued car companies in recent years.
“One day, [dealers] call you and they say, ‘please stop producing EVs,’” he said. “The day after, they call you and say, ‘why [are you] not producing more?’”
EV sales have fallen since the $7,500 tax credit to Americans buying the cars ended last year, Business Insider reported. But it doesn’t represent a retreat from EVs. In March, Hyundai saw its sales mix return to the same level as before the tax credits, Muñoz said. “So we’re happy with that, but we would like to sell even more.”