Electric vehicle sales hit records in 50 countries amid oil crisis

Global electric vehicle (EV) and plug-in hybrid sales have reached record levels in 50 countries, driven by rising fuel costs linked to the conflict between the United States, Israel, and Iran. The closure of the Strait of Hormuz and subsequent oil price surges—exceeding $100 per barrel in early 2026—have accelerated the shift toward electrification as a means of addressing energy security.

According to the International Energy Agency (IEA), electrified vehicles accounted for 29% of new car sales projected for 2026, a significant increase from 4% in 2020. In the second quarter of 2026, sales of EVs and plug-in hybrids rose by 35% compared to the previous quarter, with over 9 million units sold in the first half of the year.

Despite this global surge, the two largest automotive markets, China and the United States, have seen different trends. While China's rapid EV adoption has helped reduce its oil consumption by approximately 1.5 million barrels per day, both nations have experienced fluctuations due to policy changes, such as the elimination of federal tax credits in the U.S.