Sales of electric vehicles (EVs) saw a major leap in the second quarter of the year following the sharp spike in fuel prices triggered by the war in the Middle East, according to an announcement by the International Energy Agency (IEA) on Thursday.
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A new report by the agency indicated that EV sales rose by 35% in the second quarter compared to the first three months, reaching record figures in 50 countries.
"Despite the difficult conditions facing the global automotive market, electric vehicle sales experienced a significant surge during the second quarter of this year, after the energy crisis sparked by the war in the Middle East brought fuel price volatility back into the spotlight," the report stated.
Crude oil prices surged from around $60 per barrel at the beginning of the year to nearly $120 after Iran closed the Strait of Hormuz.
The sharp rise in oil prices and supply shortages have made energy security a top priority, at a time when road vehicles account for nearly half of global oil consumption.
"Electric vehicles are now garnering significant attention as part of potential policy responses, as they offer oil-importing countries an opportunity to enhance energy security on the one hand, and protect consumers and businesses from price volatility on the other," the agency added.
It noted that several Southeast Asian nations, which rely heavily on oil imports and were severely impacted by the crisis, passed temporary tax exemptions to encourage EV purchases.
The agency projects that EV sales will grow by 10% this year, accounting for 29% of total car sales. Conversely, the overall global automotive market is expected to contract during 2026.
EV sales had dropped sharply in the first quarter of the year, driven primarily by declining sales in China and the United States.
In the United States, the phase-out of government subsidies weakened sales, while the slowdown in the Chinese economy curbed consumer demand, particularly as the government also scaled back subsidy programs—notably, China is the world's largest market for electric vehicles.
Europe recorded the highest growth in EV sales during the first half of the year, with sales surging by more than 30%, according to the IEA report.
AFP
