Oil surge boosts EV sales
The article explains that the war between America and Iran and the closure of the Strait of Hormuz led to a rise in oil prices, which in turn accelerated the global sales of electric vehicles. It is expected that 29% of all new cars in 2026 will be electric, up from 4% in 2020, while sales of internal combustion engine vehicles have fallen to their lowest level since the early 2000s. Driven by markets outside the two largest automobile manufacturing countries (China and the United States), electric vehicle sales have seen a significant increase in countries such as South Africa, Australia, Colombia, and South Korea, with search activity rising and Chinese exports growing. However, the market in China is affected by a weak economy and reduced government support, while China has benefited from the accelerating demand in other markets, exporting around 2.4 million electric cars in the first half of 2026. Experts indicate that the ongoing rise in oil prices and strengthened government policies supporting electric vehicles will push the market towards growth, despite potential sales declines if global oil supplies return to normal.
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