High Oil Prices Are Driving an EV Boom in Europe

AI Summary

High oil and fuel prices in Europe have contributed to a surge in electric vehicle sales, with a 34% year-on-year increase driven by affordable Chinese EVs and heightened demand for European models. Renault reported a 50% rise in its EV order book, though its CEO warned that lower oil prices could quickly reverse this trend.

High oil and fuel prices led to yet another monthly rise in electric car sales in Europe, at a solid 34% on the year, thanks in no small part to the wider availability of cheaper vehicles from China, Reuters reported today, citing data from E-Mobility and New Automotive. Yet, European carmakers are also seeing higher demand for their electric models, with Renault reporting a 50% increase in its EV order book, per Reuters. However, the chief executive of the French major cautioned that this could change quite quickly when oil prices come down, casting…