From Australia to Vietnam, the Iran war is fuelling demand for EVs
Summary
The recent conflict involving the United States and Israel against Iran has caused fuel prices to rise worldwide. This has led to increased demand for electric vehicles (EVs) in many countries, pushing up prices and sales of EVs, especially in markets like the US, China, Vietnam, Japan, and Australia.Key Facts
- Since the US and Israel’s war on Iran started, demand for used electric vehicles has increased, with prices rising by 10-20% in some cases.
- China saw an 82.6% increase in EV sales in March 2025 compared to the previous month.
- US EV sales reached over 82,000 units last month, up 20% from February 2025 but still down compared to last year.
- Vietnam’s local EV brand Vinfast reported a 127% increase in sales year-on-year for March.
- Japan’s EV sales nearly tripled year-on-year last month, while South Korea’s domestic EV purchases surged by 172%.
- European countries like France, Norway, Sweden, and Denmark also saw large increases in Tesla car registrations.
- In Australia, electric vehicles made up 14.6% of total vehicle sales in March, almost double the share from the previous year.
- Higher fuel prices have resulted in more people visiting EV showrooms and waiting to buy electric cars, causing stock shortages.
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