High Fuel Costs Drive Record European EV Sales in March
High petrol prices pushed European electric vehicle sales to a record 540,000 units in March. Global sales rose 3% despite declines in China and North America.
Rising fuel costs across Europe drove car buyers toward electric vehicles (EVs) in March, resulting in record-breaking regional sales and the first period of global growth for the sector this year. Data from consultancy Benchmark Mineral Intelligence (BMI) indicates that global registrations for battery-electric and plug-in hybrid vehicles increased by 3% year-on-year, surpassing 1.7 million units.
Europe spearheaded this expansion with a 37% jump in registrations, reaching a monthly all-time high of nearly 540,000 EVs sold. This surge comes as governments worldwide attempt to manage soaring energy costs, which were exacerbated after geopolitical tensions in Iran disrupted a shipping route carrying approximately 20% of the world's oil supply, impacting the price of Brent Crude Oil.
