Media365
Surging oil prices driven by the US-Israel war on Iran could accelerate the global adoption of electric vehicles – a sector that helped China overtake Japan to become the world’s largest seller of automobiles last year.
Justin Feng, an Asia economist at HSBC, also highlighted this trend in a Friday report. He said higher and more volatile oil prices could turn EVs into a clearer “cost-savings proposition” if the conflict persisted, accelerating the electrification of Asia’s road transport.
There are now 39 countries where EVs account for more than 10 per cent of total auto sales, up from four in 2019, according to a report by the British think tank Ember released on Wednesday. Emerging markets are adopting electric cars at a rapid pace, with some now surpassing advanced economies in terms of their EV sales share, the report added.
