EV sales are surging worldwide amid soaring gasoline prices, with some analysts forecasting global fossil fuel demand could be permanently lower after the Iran war.
EV sales in Europe jumped by 27% year-on-year in April; sales in Italy almost doubled thanks to government incentives. Purchases worldwide have also been lifted by a surge in Chinese exports, and the country’s EV shipments surpassed those of fossil fuel-powered cars for the first time ever last month.
Though EV sales have fallen in the US, where gasoline prices are at their highest level in years, the Iran war could nonetheless lead to a considerable destruction of global oil demand, both OPEC and the IEA said.
