Data released on Tuesday by consulting firm Benchmark Mineral Intelligence (BMI) indicates that rising fuel costs drove European sales of pure electric and plug-in hybrid vehicles to a historic high in March. This surge also contributed to the first growth in global sales of these vehicles this year.

Since the outbreak of conflict in Iran on February 28, governments worldwide have set fuel price caps to shield consumers from soaring oil prices. The conflict has disrupted shipping through the Strait of Hormuz, a route that carries approximately 20% of the world's oil supply.

According to BMI data, global new registrations of pure electric and plug-in hybrid vehicles increased by 3% year-on-year in March, exceeding 1.7 million units. Registrations in Europe grew by 37%, reaching a record high of nearly 540,000 vehicles.

Charles Lester, Data Manager at BMI, stated, "This can largely be attributed to rising gasoline prices."

Lester added that the strongest growth occurred in countries with the highest increases in energy prices, including Australia, New Zealand, Vietnam, and Thailand. Together, these nations drove a 79% increase in electric vehicle registrations outside the three major markets of China, Europe, and North America.

BMI data show that registrations of pure electric and plug-in hybrid vehicles in China exceeded 850,000 units in March, a 14% decrease compared to the same period last year.

In North America, registrations fell by 30% year-on-year in March to 121,500 units. This marks the sixth consecutive month of year-on-year decline following the expiration of U.S. electric vehicle tax credits and the Trump administration's proposal to further reduce carbon dioxide emissions standards.

Lester commented, "This is the highest monthly sales figure since the tax credit ended, but the reality is that sales have already begun to decline."