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EV Sales Surge in Europe as Gasoline Hits $10 a Gallon

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Electric vehicle sales are surging across Europe as fuel prices reach record highs. Registrations of fully-electric cars soared 52% across the region in August compared with a year earlier, according to the European Automobile Manufacturers’ Association. Germany led the gains with a three-quarter jump, while sales in France more than doubled.

The spike is driven by the US-Israeli war on Iran disrupting tanker traffic through the Strait of Hormuz, pushing the average price of a liter of gasoline in Germany to a record €2.31 ($10 per gallon). Diesel prices are also climbing due to Ukrainian attacks on Russian refineries. Xavier Chardon, head of Stellantis NV’s Citroën brand, said: “Getting an EV no longer is a technology choice, it becomes an economic one.” European buyers shifting to EVs means that through August, more than one in three vehicles sold had a plug, up from just over one in four.

Governments are offering financial support, with German drivers eligible for up to €6,000 off an EV purchase. Ford Motor Co.’s Capri long-range EV crossover can travel more than 600 km on a single charge, easing range concerns.