Here’s something ironic: President Donald Trump, who has historically favored fossil fuels over renewables and EVs, may actually end up accelerating EV adoption.
The International Energy Agency has released an analysis of EV buying trends around the world since the start of the U.S.’s war with Iran, finding that EV sales reached record levels in 50 countries in the second quarter since the start of the war.
Australia, Brazil, India and several others roughly doubled their EV sales while the overall global EV market surged 35% as compared to the first quarter.
In the U.S., EV sales grew 14.7% in Q2 as compared to Q1, according to Kelley Blue Book; although that’s still down about 20.5% from last year, which follows the elimination of the $7,500 federal tax credit.
When it comes to EV adoption, the U.S. ranks near the bottom among advanced and developing economies, according to the World Resources Institute.
But even here in the U.S., and certainly on the global stage, it appears President Trump’s war could continue to help boost EV sales in the coming months.
While gas prices have largely been kept in check in the U.S. thanks to the release of strategic petroleum stockpile reserves, the reserves have now reached their lowest level since 1983, according to the Bipartisan Policy Center.
If the war were to linger into the fall some analysts, including Goldman Sachs, have warned it could trigger more gasoline price spikes.
Meanwhile Bloomberg reports used EV sales are surging in the U.S. as some gas drivers are being hit with $200 fill-ups, while Recurrent reports used EV prices have risen an average of 5.1% since January.
Put it all together and Bloomburg predicts 2026 will set another global sales record for EVs, possibly reaching or exceeding 23 million.
Australia, Brazil, India and several others roughly doubled their EV sales during the second quarter (Q2) while the overall global EV market surged 35% as compared to the first quarter (Q1).
In the U.S., EV sales grew more than 14% in Q2 as compared to Q1, although that’s still down 20.5% from last year, which follows the elimination of the $7,500 federal tax credit.
When it comes to EV adoption, the U.S. ranks near the bottom among advanced and developing economies, according to the World Resources Institute.
But even here in the U.S., and certainly on the global stage, it appears President Trump’s war could continue to help boost EV sales in the coming months.
While U.S. gas prices have largely been kept in check thanks to the release of strategic petroleum stockpile reserves, those reserves have now reached their lowest level since 1983, according to the Bipartisan Policy Center.
If the war were to linger into the fall some analysts, including Goldman Sachs, have warned it could trigger more gasoline price spikes.
Meanwhile Bloomberg reports used EV sales are surging in the U.S. as some gas drivers are being hit with $200 fill-ups, while Recurrent reports used EV prices have risen an average of 5.1% since January.
Put it all together and Bloomburg predicts 2026 will set another global sales record for EVs, possibly reaching or exceeding 23 million.
