Soaring Gas Prices Drive EV Demand in Europe

Electric vehicle demand is surging in Europe due to the war in Iran. Photo courtesy Volvo Cars
BRUSSELS—As gasoline prices skyrocket due to the ongoing war in Iran, demand for electric vehicles is soaring in Europe. According to a recent study conducted by E-Mobility Europe and New Automotive, EV demand recently surged 51 percent, with more than 242,000 new cars registered across 15 key markets, accounting for 22 percent of all sales.
All five of Europe’s largest countries—-Germany, France, Spain, Italy and Poland—recorded EV growth rates above 40 percent. In Italy alone, EV sales are up 65 percent over a year ago.
“[The recent] 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,” says Chris Heron, secretary-general of E-Mobility Europe, a trade association representing automakers, suppliers and infrastructure providers. “Across the European Union’s major markets, EV sales are growing, marking a clear step change, not statistical noise. That translates into half a million electric cars registered so far this year, cutting roughly two million barrels of oil demand annually.”
Nordic countries remain at the epicenter of EV adoption. In Denmark, 77 percent of all new cars registered in March were fully electric. In Finland, the figure reached nearly 50 percent, with both markets recording strong growth. However, Norway continues to set the global benchmark, where 98 percent of new car registrations are fully electric.
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