High oil prices, subsidies and affordable models rev up European EV sales

Electric vehicle sales accelerated across much of Europe in July, driven by high oil prices, government subsidies and the availability of more affordable models, Reuters reported Aug. 24 from Letchworth, England. The data suggests EV momentum since the start of the Iran conflict in February, when fuel prices spiked. A key industry question is whether interest will cool if oil prices fall, while limited public charging remains a major concern. Renault’s UK managing director, Adam Wood, said EVs are reaching “mainstream” adoption. In the EU, EV registrations rose 13% year-on-year in July across 16 markets, pushing EVs to 25.7% of new-car sales in those regions covered by Reuters data.