Petrol price spikes triggered by the war in Iran are boosting used electric vehicle sales across Europe, online car platforms told Reuters, in an early sign that pain at the pump is pushing consumers away from combustion engines.
"There is currently an electric car bonanza in the used market," said Terje Dahlgren, an analyst at Norway's largest used-car marketplace Finn.no, adding that EVs have recently overtaken diesel models as the site's best-selling fuel type.
The war, which began on 28 February, has disrupted a vital shipping route, the Strait of Hormuz, that carries roughly 20% of global oil supplies.
That has fed straight through to filling-station prices, with the average cost of petrol in the European Union rising 12% to €1.84 ($2.12) per litre from 23 February to 16 March, European Commission data show.
French online used-car retailer Aramisauto said its share of EV sales almost doubled from the week starting 16 February to the week starting 9 March, rising to 12.7% from 6.5%.
Majority-owned by automaker Stellantis, the company saw a similar shift in 2022 when Russia invaded Ukraine and energy prices jumped, CEO Romain Boscher said.
"As soon as you pass €2 (per litre of petrol), it makes a lasting impression on people's minds," he said. "We are seeing a significant rise in interest on the website, translating into orders for EVs and hybrids."
Over the same three weeks, petrol models on Aramisauto fell to 28% of sales from 34%, while diesels dropped to 10% from 14%.
If U.S. and European fuel prices remain high, new-car buyers are also expected to gravitate towards EVs and hybrids.
EV makers are already highlighting the cost of petrol in their marketing. In France, MG, owned by China's SAIC, is running social-media ads declaring "it may be time to rethink the way you drive".
Amsterdam-based Olx said customer enquiries for EVs have jumped across its marketplaces in France (50%), Romania (40%), Portugal (54%) and Poland (39%), with growth "accelerating consistently week-over-week across all markets".
"What's particularly telling is that EV interest was already trending upward before recent events," Olx CEO Christian Gisy said. "The instability appears to have accelerated a transition that was already underway."
Europe's used-EV landscape has also broadened. A wider range of models and the spread of battery-health certificates have helped address buyer concerns about second-hand EVs, supporting sales even before the war began.
Used EV sales tend to react quickly to shifts in sentiment or sharp moves in petrol prices because they are up to 40% cheaper than new models and readily available to drive off the lot, unlike new cars that often take months to deliver.
"Considering the lead time of a vehicle purchase, we expect this momentum to continue as the market fully absorbs the impact of recent global events," said Alastair Campbell, vice president of growth at British automotive data firm Marketcheck.
Data provided to Reuters by Marketcheck show a "clear and sustained escalation" in used EVs sales since the war began.
In the Nordics, the largest used-car websites - all owned by Norway's Vend - are also seeing a sharp rise in EV sales.
At Swedish platform Blocket, EV sales rose 11% in the first two weeks of March versus the previous two weeks, while views of EV models increased 17%.
"We see a clear shift where more people are actively looking for more fuel-efficient alternatives," Blocket car expert Marcin Stepman said.
Denmark shows a similar pattern. Local used-car platform Bilbasen has reported rising searches for EVs, with car analyst Jan Lang citing higher petrol prices as the main driver.
In Germany, mobile.de, the country's largest online car market, said the share of EV searches on its website has tripled since the start of March - from 12% to 36% - while car dealers have received 66% more enquiries for used EVs than in February.
"Currently, high gasoline prices are leading to an increasing demand for electromobility," mobile.de said.
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Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 14th of April, covering the latest developments you need to know.
Iran's ports were blocked by the U.S. military on Monday (13 April), President Donald Trump confirmed. Tehran has threatened to retaliate against its Gulf neighbours' ports and a U.S. official said there was continued engagement with Iran, and forward motion on trying to get to an agreement.
U.S. President Donald Trump warned that any Iranian ships approaching ports in the Strait of Hormuz would be "immediately eliminated" on Monday, as the U.S. started its blockade.
Israel has reprimanded Spain’s most senior diplomat in Tel Aviv after a giant effigy of Prime Minister Benjamin Netanyahu was blown up in a Spanish town.
U.S. President Donald Trump warned that any Iranian ships approaching ports in the Strait of Hormuz would be "immediately eliminated" on Monday, as the U.S. started its blockade.
Nine suspects were arrested on Saturday (11 April) in connection with a terror attack targeting a police post in Istanbul’s Beşiktaş district.
Millions of Orthodox Christians across the globe celebrated Easter, known as Holy Pascha, on Sunday (12 April) with midnight liturgies, candlelight processions and deeply rooted local traditions reflecting centuries of faith.
Russia and Ukraine accused each other of violating a 32-hour ceasefire introduced to mark Orthodox Easter on Saturday (11 April). Russian officials said Ukrainian drones attacked targets in the Kursk and Belgorod border regions, injuring five people.
A French fashion label is placing China at the heart of its global ambitions, choosing Shanghai for its worldwide debut in a move that shows growing confidence in the country’s consumer market and cultural influence.
Walt Disney is planning to cut up to 1,000 jobs in the coming weeks, with many of the reductions expected to affect its marketing division, The Wall Street Journal reported on Wednesday, citing sources familiar with the plans.
Major automakers showcased new electric vehicles at the New York Auto Show this week, under the slogan “electrification is the future." However, weakening demand in the United States and intense competition with China are raising questions for markets across the globe, including the South Caucasus.
The U.S. national average retail price of petrol rose above $4 a gallon for the first time in over three years on Monday (30 March), according to GasBuddy data, as the U.S.–Israeli war with Iran continued to roil global energy markets.
Japan and Indonesia will deepen coordination on energy security, Tokyo said, as the U.S.-Israeli war on Iran disrupts vital oil and gas flows to Asia.
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