Fwd: UK EV sales hit a record high
Loretta Lohman
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Early data suggests electric vehicles are having a moment in the UK. And Thailand. And even the US as gas prices soar. But it’s too early to say whether the war in the Middle East — and the resulting increase in fuel prices — is behind it or if EVs can sustain their momentum. Today’s newsletter brings you the latest news on record UK EV sales — and what could come next for battery-powered vehicles globally. Subscribe to Bloomberg News for the latest on energy markets and the Iran War. EVs surgeBy Jamie Nimmo and Olivia Rudgard Electric car sales numbers from the US and UK suggest that the fuel price surge caused by the war in the Middle East could be nudging some drivers toward battery-powered vehicles. UK electric car sales rose to their highest ever level in March — to 86,120, according to registration data published on Tuesday by the Society of Motor Manufacturers & Traders. Plug-in hybrids were the best performers, with a 47% gain. “These figures come against the backdrop of the Iran war and rapidly rising petrol and diesel prices, fueling a surge of interest in electric vehicles,” said Colin Walker, head of transport at UK-based think tank Energy and Climate Intelligence Unit. “It indicates that more people are looking to protect themselves from shocks in global energy markets over which we have no control.”  The rise in electric vehicle sales in the UK reflects a nascent global trend. While countrywide sales data will take weeks to trickle in, there are signs consumers from Asia to the US are favoring battery-powered cars in a bid to dodge rising fuel prices as the war in the Middle East enters its second month. In Thailand, electric models from BYD Co. and other Chinese automakers topped booking charts at Bangkok’s biggest motor show earlier this month. In the US, sales of used electric vehicles surged 12% in the first quarter, according to Cox Automotive data reported by the Financial Times. Tesla sold slightly more cars in the first quarter of 2026 than during the same period last year, the New York Times reported. Earlier this month, our reporters found that electric rickshaws are selling out in Pakistan, and a flurry of drivers were making appointments at a used electric car showroom in San Francisco. “Normal people are getting into EVs,” said Tanya Sinclair, chief executive officer at Electric Vehicles UK. “They’re not people that are particularly well-off, these are not fancy cars anymore, they’re not premium vehicles.” In Europe, electrified transport of all types, including passenger and commercial electric vehicles, 2- and 3-wheelers and buses, soared 33% in 2023 from the previous year following Russia’s invasion of Ukraine, according to BloombergNEF. A similar jump in sales could happen again as pump prices rise, according to a research note from April 2.  A BYD Co.
factory in Zhengzhou, Henan province, China
Photographer:
Qilai Shen/Bloomberg
“We’ve seen enquiries for electric cars jump 36% once prices started climbing,” said Gurjeet Grewal, chief executive officer of Octopus Electric Vehicles. “People are doing the maths in real time.” To be sure, March is typically the biggest month of the year for overall car registrations in the UK and this year was no different — overall new vehicles registered hit the biggest monthly tally since 2019. Plus, EVs’ share of total sales slipped in March from a month earlier. Things could still get worse for UK car sales, warned SMMT Chief Executive Officer Mike Hawes. “Much of March’s performance will be from orders placed before the start of the Iran conflict, which threatens to raise the cost of living, undermining consumer confidence,” he said. Electric vehicle registrations remain 10 percentage points below the 33% target for this year under the government’s zero-emission vehicle mandate. Manufacturers face fines of as much as £12,000 ($15,900) per vehicle for failing to comply, but can avoid them by trading credits with rivals, among other options. Executives at Volkswagen AG and Volvo Car AB have warned that a prolonged conflict in the Middle East, which started in late February, may hit consumer confidence. The industry is already grappling with tariffs, uneven EV demand and weak sales in China. Read
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Glass half full?358,023 The number of vehicles Tesla sold in the first quarter. While that’s below analysts’ expectations, it’s still above what the company sold during the same period last year. In the driver’s seat“The main driver will not be climate change, the main driver will be energy security.” Fatih Birol Executive director, International Energy Agency Birol spoke about how the war in the Middle East will boost the adoption of lower-carbon technology. Your Zero listenWill the Iran War finally be the moment where countries move to renewables en masse, or will they rely more heavily on fossil fuels? This week on Zero, Akshat Rathi is joined by Aurore Belfrage, a tech investor, geopolitical-risk adviser and sustainability strategist, to look at how the energy investment landscape is changing with a fresh war in the Middle East, and how climate tech is making countries more resilient. Listen now, and subscribe on Apple, Spotify or YouTube to get new episodes of Zero every Thursday. More from GreenTop electric-vehicle battery maker CATL has tapped the founder and ex-chairman of Zijin Mining Group as an advisor for its growing mining business, according to people familiar with the matter. Monsoon rains in India are likely to be below the long-term average this year, according to a private forecaster. El Niño is expected to form during the four-month rainy season, leading to lower-than-normal precipitation. More from Bloomberg
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