A historic oil shock and surging fuel prices are strengthening the case for electric vehicles. China’s EV makers are eager to deliver. The United States and Israel’s
war against Iran has disrupted critical fossil fuel supplies from the Middle East, pushing up crude oil prices to as high as $119 a barrel last week. This has sparked fears of worsened inflation, or even a global recession.
But the turmoil couldn’t have come at a better time for China’s EV industry. While China manufactures and exports more electric cars than any other nation, its carmakers face fierce price competition and slowing growth at home.
Chinese brands are under increasing pressure to find other markets.
