HONG KONG (AP) — The war in Iran has helped reshape the global electric vehicle market, giving Chinese automakers an opening across the developing world as soaring fuel prices push drivers towards electric vehicles, even as charging infrastructure lags behind a wave of imports.
The blockade of the Strait of Hormuz disrupted shipping of about a fifth of the world's crude oil and liquified natural gas, first hitting Asia — the main destination for the fuels — followed by Africa.
This shock accelerated a trend that was already spreading across the developing world. In April, global exports of Chinese EVs hit a record $9.4 billion, according to an **** ysis by think tank Ember of Chinese customs data. Shipments surged to countries such as Australia, Brazil and regions like Southeast Asia and East Africa.
China exported about 435,000 passenger EVs and plug-in hybrids in May, more than double from a year earlier, according to the Chinese **** ociation of Automobile Manufacturers.
As fuel costs rise, more drivers are switching to EVs to save money, while governments from Laos to Ethiopia are embracing electrification to curb oil imports and reduce costs of fuel subsidies.
The blockade of the Strait of Hormuz disrupted shipping of about a fifth of the world's crude oil and liquified natural gas, first hitting Asia — the main destination for the fuels — followed by Africa.
This shock accelerated a trend that was already spreading across the developing world. In April, global exports of Chinese EVs hit a record $9.4 billion, according to an **** ysis by think tank Ember of Chinese customs data. Shipments surged to countries such as Australia, Brazil and regions like Southeast Asia and East Africa.
China exported about 435,000 passenger EVs and plug-in hybrids in May, more than double from a year earlier, according to the Chinese **** ociation of Automobile Manufacturers.
As fuel costs rise, more drivers are switching to EVs to save money, while governments from Laos to Ethiopia are embracing electrification to curb oil imports and reduce costs of fuel subsidies.
3 months ago
