Oil Shock to EV Boom: Hormuz Crisis Accelerates Global Electric Vehicle Adoption

The Hormuz oil crisis has triggered a seismic shift in the global auto industry, with electric vehicle sales surging as consumers flee sky-high fuel prices. Global EV adoption is accelerating faster than analysts predicted, driven by the second major oil price shock in four years.

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• European EV Market Surge: EU electric vehicle sales jumped 40.5% in the first half of 2026, reaching over 1.2 million cars and accounting for 20.7% of all sales. In...