‘Largest Supply Disruption In History’: High Oil Prices Drove Record EV Sales In 50 Countries

• According to the International Energy Agency, electric vehicle sales have been sharply growing in many countries since the start of the war in Iran.
• Dozens of countries have swiftly extended their pro-EV policies to reduce their oil import bills.
• While EV sales continue to be down in the U.S. and China, the rest of the world is picking up the slack.

The International Energy Agency said Thursday that high gas prices due to the war in Iran drove record electric and plug-in hybrid vehicle sales in a whopping 50 countries in the second quarter of this year. With that boost, the agency now expects plug-in vehicles to account for 29% of new car sales, up from the 28% it estimated earlier this year.