Global Gas Car Sales Fall Below 50% for First Time Amid Hormuz Oil Shock

The global market share of traditional gasoline vehicles dropped 3 percentage points to 49% between January and June, falling below the halfway mark for the first time in history. Following a 10% year-over-year slump, total gas-powered car sales hit 20.25 million units globally in the first half of the year. The shift is directly tied to the Hormuz oil shock, which pushed German gasoline prices to a record 2.31 euros per liter, or roughly $10 per gallon. Battery electric vehicle sales across Europe surged 52.2% in August, with German BEV sales climbing 75% as one in every three passenger cars sold was fully electric. Global EV adoption accelerated rapidly in the second quarter, rising 35% from the first quarter and hitting record-high sales levels across 50 different countries. "As the energy crisis sparked by the war in the Middle East brought fuel price volatility back into sharp focus." — International Energy Agency