Energy crisis drives EV growth

Electric vehicle sales increased by 35% during the second quarter of the year, reaching record levels in 50 countries. This growth was driven by rising fuel prices and growing concerns over energy security due to the war in the Middle East, where oil prices surged from around $60 to $120 per barrel after Iran closed the Strait of Hormuz. Electric cars help enhance energy security and reduce dependence on fossil fuels, especially with government incentives such as tax exemptions in Southeast Asian countries. Despite a slowdown in demand in China and the United States during the first quarter, Europe experienced a growth of over 30% in the first half of the year. It is expected that electric vehicle sales will account for 29% of total car sales by the end of the year.

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