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IEA Sees EVs Reaching 30% of Global Car Sales as Europe Orders Jump on Oil Shock

High fuel prices tied to the Iran conflict are pulling buyers to electric models.

Overview

  • Global EV sales are now projected by the IEA to hit about 23 million this year, or nearly 30% of new cars sold worldwide.
  • International oil above $100 a barrel has lifted pump prices and pushed more drivers to consider lower running costs with EVs.
  • Across 16 key European markets, new electric-car registrations rose 34% in April, with gains in both mature markets and late adopters such as Italy.
  • Marketplaces report a sharp swing to EVs, as Carwow’s EV enquiry share in Germany climbed to about 75% and OLX logged an 80% rise in EV interest in France.
  • Automakers say orders are up and some are preparing to build more, with Renault reporting half of its UK April registrations were EVs and Seat/Cupra seeing nearly 60% of orders for EVs.