Commodities
European Fuel Prices Spark Electric Vehicle Sales Boom
Record-high fuel prices in Europe have accelerated the adoption of electric vehicles. The European Automobile Manufacturers' Association, ACEA, reported that battery-electric vehicle sales surged by 52.2% in August compared to the same period last year.
In Germany, the biggest car market in Europe, EV sales soared by 75% in August from a year earlier as gasoline prices hit an all-time high of 2.31 euros per liter or around $10 per gallon.
EV sales in France more than doubled, and globally, electric vehicle sales have also surged this year following the oil supply disruption in the Middle East and the second oil price shock in four years.