China's EV Exports Hit Record 349,000 in March

China's electric vehicle exports reached a record high in March, surging 140 percent from the previous year to 349,000 units, as global oil prices spiked due to the ongoing conflict in the Middle East. The increase, reported by the China Passenger Car Association, came amid disruptions in the Strait of Hormuz that trapped over 10 million barrels per day of crude supply, pushing international oil prices above $100 per barrel, up from around $70 before the war escalated in late February.

The export boom reflects heightened consumer interest in EVs and hybrids across key markets, driven by soaring fuel costs. In Asia, Europe, and the United States, showrooms have seen bustling demand as buyers seek alternatives to volatile gasoline prices. In Australia, wait times for popular models have extended to several months, according to local reports. The United Kingdom's largest automotive marketplace, Autotrader, noted a sharp rise in inquiries for new and used EVs since the conflict began, with used EV searches hitting record levels. "When people feel that traditional fuel is vulnerable to global events, the appeal of electric becomes far stronger," said Ian Plummer, Autotrader's chief...