IEA Reports Record Electric Vehicle Sales After Oil Price Shock
The International Energy Agency (IEA) reported that global electric vehicle sales rebounded sharply in the second quarter of 2026, following a weak start to the year. This was due to the Middle East crisis reducing crude supply and pushing up oil and fuel prices.
According to the IEA's report titled 'Electric Car Markets in a Time of Uncertainty,' global EV sales declined in the first quarter of 2026 mainly due to weaker demand in the United States and China. However, second-quarter sales rose by 35% compared with the previous quarter as drivers opted for electric vehicles amid soaring fuel prices.
In major car markets such as Brazil, India, Australia, and Vietnam, electric car sales roughly doubled between March and June compared with the same period in 2025.