EV sales surge as oil shock drives shift from petrol
Electric car sales are accelerating across Europe, as rising fuel prices and tensions linked to the Iran conflict push drivers away from petrol and diesel.
Battery electric vehicle (BEV) registrations jumped 51 per cent year on year in March across 15 European markets, with over 224,000 new electric cars sold in one month, according to new data from New Automotive and E-Mobility Europe.
This took EVs to roughly 22 per cent of all new car sales across the region, a rise seen as reflective of a growing link between energy security and consumer behaviour.
The surge comes as oil markets remain volatile amid the ongoing conflict in the Middle East, with renewed disruption around the Strait of Hormuz threatening supply and keeping fuel prices elevated.
Chris Heron, secretary-general of E-Mobility Europe, said: “March’s surge in electric car sales is one of Europe’s biggest recent gains in energy security, in a month when oil dependence has become a real vulnerability”.
He added that the half a million EVs registered so far this year would cut oil demand by around two million barrels annually.
Fuel shock shapes demand
The jump in EV sales has coincided with a sharp rise in petrol and diesel prices, with UK pump costs rising significantly since the beginning of the conflict.
Edmund King, president of the AA, has warned that recent easing at the pumps could prove a “false dawn”, as tensions escalate.
“Global uncertainty seems likely to stop the fall in prices and if it drags on then prices will rise again”, he added.
With that in mind, car buyers are increasingly shifting to electric models to reduce exposure to volatile fuel costs.
Ben Nelmes, chief executive of New Automotive, said: “Every electric vehicle registered means Europe is less reliant on imported oil. At a time when energy security has moved to the top of the political agenda, the EV transition is delivering real and measurable resilience”.
Growth has been broad-based across European large markets with Germany, France, Spain, Italy and Poland all recording BEV growth of over 40 per cent this year.
The UK is also seeing momentum build, with EVs accounting for around 22 per cent of new car sales in the first quarter, supported by higher fuel costs and increased competition between manufacturers.
According to Autotrader, new electric cars have now become cheaper than petrol models on average in the UK, removing one of the biggest barriers to adoption.