Europe EV sales surge 51% as Iran war drives oil past $100

Crude oil rose above $100 a barrel after US and Israeli airstrikes hit Iran, with shipping disruptions through the Strait of Hormuz threatening about one-fifth of global oil supply. Petrol pump prices increased sharply across Europe, adding pressure to already high living costs. Despite this, battery-electric vehicle registrations rose 51% in March across 14 EU and EFTA markets, with more than 224,000 new EVs registered and EVs reaching 22% of new car sales. Over the first quarter, more than 500,000 electric vehicles were registered, up 33.5% year on year. Chinese brands gained most, with large increases in online purchase enquiries and strong registration growth in Germany.

"Since US and Israeli airstrikes hit Iran at the end of February, crude oil has soared past $100 a barrel for the first time since Russia's 2022 invasion of Ukraine. The result at Europe's petrol pumps has been immediate and painful. The Iran conflict has effectively shut down shipping through the Strait of Hormuz, threatening roughly one-fifth of global oil supply. The International Energy Agency called it the greatest global energy security challenge in history."

"Battery-electric vehicle registrations jumped 51 per cent in March across 14 key EU and EFTA markets, with more than 224,000 new EVs registered in a single month. That brought EVs to 22 per cent of all new car sales in those countries. For the full first quarter, EU countries registered more than 500,000 new electric vehicles. That is a 33.5 per cent increase on the same period last year."

"Chinese brands have been the biggest beneficiaries. Purchase enquiries for BYD on Carwow's platform grew by a staggering 25,000 per cent in Q1. Leapmotor saw a 436 per cent jump, and Xpeng rose 153 per cent. Those numbers reflect online interest rather than deliveries, but the trend is translating into real sales."

"BYD's registrations in Germany surged 327 per cent in March, giving it a 1.2 per cent market share in Europe's largest car market. The growth comes as Tesla's European registrations have collapsed amid boycotts linked to Elon Musk's polit"

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