High Gas Prices Drive EV Sales Surge in Philippines
Rising gasoline prices in the Philippines have driven a 130 percent surge in electric vehicle registrations this year. Registrations reached over 67,000 units through August, accounting for nearly a quarter of passenger car sales.
Xurve View
Insights:
Xurve View
Surging gasoline prices have driven a 130% spike in electric vehicle registrations across the Philippines, pushing zero-emission models to nearly a quarter of passenger car sales. The surge follows a 68.3% jump in local fuel costs since late February. That spike ranks as the fourth-steepest petroleum price increase globally, spurred by military strikes involving the United States, Israel, and Iran.
