Rising Oil Prices and Geopolitical Conflicts Boost EV Resale and Search Trends
Global geopolitics and economics are where the rubber meets the road when it comes to the automobile industry, and that volatile connection certainly has impacted electric vehicles sales to the positive so far this year.
Numerous reports noting possible higher used EV sales in the U.S. pinned the cause on the Iran War, which has disrupted the flow of global oil through the Strait of Hormuz. While major U.S. automakers have pulled back from ambitious EV production plans, China is emerging as the global leader, according to new data.
Energy think tank and research firm Ember recently reported that China’s EV exports topped a monthly all-time high of $9.2 billion in May. It surpassed April’s previous record of $9.1 billion and was 49% higher than the same period one year earlier, Ember noted.
The report shows China exported nearly 450,000 electric passenger cars last month, including 279,000 battery-electrics and 169,000 plug-in hybrids, according to Ember.
Nation customers in southeast Asia are electrifying their vehicle fleets, and Thailand led among China’s EV buyers with more than 36,000 cars in May. The Philippines acquired more than 33,000 electric vehicles.
Uncertainty about the resolution of the U.S and Israeli war with Iran has included numerous so-called ceasefire deals which then were negated by new attacks on either side. The conflict and supply choke point in the Strait of Hormuz pushed international Brent oil market prices 20% to 30% higher than the same period of a year ago.
West Texas intermediate pricing is only slightly less volatile with prices this year averaging close to 10% higher than a year ago. This might be the reason for greater activity on the EV resale market.
Data from Google Trends indicates that searches for 2025 electric vehicles have risen 300% in the past few months. Toyota seems to be the most popular brand by search, according to Google Trends.
The International Energy Agency estimated that the global electric car market topped 20 million in sales last year, 20% higher than 2024. In the U.S. the new EV market is expected to decline this year to 1.4 million units because of the federal tax incentives expiring.
The EV charging infrastructure buildout, however, continues to expand with thousands of charging points nationwide.
U.S. hybrid and battery-electric automobile sales topped 1.5 million vehicles last year, according to Argonne National Laboratory and other market tabulations.
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About the Author
Rod Walton, EnergyTech Managing Editor
Managing Editor
For EnergyTech editorial inquiries, please contact Managing Editor Rod Walton at [email protected].
Rod Walton has spent 17 years covering the energy industry as a newspaper and trade journalist. He formerly was energy writer and business editor at the Tulsa World. Later, he spent six years covering the electricity power sector for Pennwell and Clarion Events. He joined Endeavor and EnergyTech in November 2021.
Walton earned his Bachelors degree in journalism from the University of Oklahoma. His career stops include the Moore American, Bartlesville Examiner-Enterprise, Wagoner Tribune and Tulsa World.
EnergyTech is focused on the mission critical and large-scale energy users and their sustainability and resiliency goals. These include the commercial and industrial sectors, as well as the military, universities, data centers and microgrids. The C&I sectors together account for close to 30 percent of greenhouse gas emissions in the U.S.
He was named Managing Editor for Microgrid Knowledge and EnergyTech starting July 1, 2023
Many large-scale energy users such as Fortune 500 companies, and mission-critical users such as military bases, universities, healthcare facilities, public safety and data centers, shifting their energy priorities to reach net-zero carbon goals within the coming decades. These include plans for renewable energy power purchase agreements, but also on-site resiliency projects such as microgrids, combined heat and power, rooftop solar, energy storage, digitalization and building efficiency upgrades.