High fuel costs lift Europe EV sales 51% in March as April growth slows to 34%

Europe’s fuel prices jumped in March after the Strait of Hormuz closure, helping electric-vehicle sales surge 51% year on year. Sales growth eased to 34% in April and slowed further in May as oil prices fell sharply. Executives at automakers including Renault and Ford’s European operations warned that the demand spike may prove temporary and heavily dependent on elevated fuel prices. The shift suggests that cheaper fuel is weakening EV substitution, adding near-term pressure on oil demand.