Record sales of electric cars in March - Global trend after fuel price increase
High fuel prices in Europe steered car buyers toward electric vehicles in a record March and led to the first month of global growth in electric vehicle sales this year, data from consultancy Benchmark Mineral Intelligence showed.
Governments around the world have capped fuel prices to protect drivers from rising costs after the war in Iran, which broke out on February 28, disrupted a key shipping route that carried about 20% of global oil supplies.
BMI said registrations, a gauge of sales, of new battery electric and plug-in hybrid cars rose 3% year-on-year globally to over 1.7 million cars, with a 37% increase in Europe to a monthly record of almost 540,000 electric vehicles sold.
Growth was strongest in countries that saw the sharpest increases in energy prices, including Australia, New Zealand, Vietnam and Thailand, which together drove a 79% increase in electric vehicle registrations outside the three major markets of China, Europe and North America.
Electric vehicle registrations in China, the world's largest car market, fell 14% to more than 850,000 vehicles sold, slowing a downward trend that began in January after the country withdrew funds for vehicle swaps and expired a tax exemption for electric vehicle purchases. Chinese consumers, who had used incentives to buy smaller electric vehicles, are increasingly choosing larger vehicles.
In North America, electric vehicle registrations fell 30% to 121,500 vehicles sold during the month, the sixth consecutive year-on-year decline following the end of a tax credit scheme for electric vehicles in the United States and proposals from President Donald Trump's administration to further lower CO2 emissions standards.
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