Electric car sales jump 35% in quarter, IEA says

The International Energy Agency said electric car sales rose 35 percent in the second quarter from the first three months of the year, as fuel price volatility linked to the Middle East war pushed more buyers toward electric vehicles.

The IEA said sales hit records in 50 countries despite a difficult global car market. It said crude oil prices rose from around $60 a barrel at the start of the year to nearly $120 after Iran effectively closed the Strait of Hormuz following Israeli and US attacks in February.

The agency said road vehicles account for half of global oil use, making electric vehicles part of possible policy responses for oil-importing countries seeking to reduce exposure to fuel price swings.

Several oil-import-dependent countries in Southeast Asia introduced temporary tax breaks to encourage electric vehicle purchases, the IEA said.

The agency expects electric car sales to grow 10 percent this year and account for 29 percent of total car sales, while the overall car market is expected to decline in 2026. It said Europe recorded the strongest growth in electric vehicle sales in the first half of the year, rising by more than 30 percent.