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PARIS/STOCKHOLM: 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 erupted on February 28, has disrupted a vital shipping route 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 euros ($2.12) per litre from February 23 to March 16, European Commission data show.
French online used-car retailer Aramisauto said its share of EV sales almost doubled from the week starting February 16 to the week starting March 9, 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 euros (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."
Line chart showing daily average petrol prices in France from January to late March. Prices hover around €1.70 per litre early on, then jump sharply after the Iran war begins, reaching about €2.03 per litre.
Line chart showing daily average petrol prices in France from January to late March. Prices hover around €1.70 per litre early on, then jump sharply after the Iran war begins, reaching about €2.03 per litre.
Over the same three weeks, petrol models on Aramisauto fell to 28% of sales from 34%, while diesels dropped to 10% from 14%.
If US 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".
Consumers appear to be responding.
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".
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