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US car shoppers have been slow to warm back up to electric vehicles since a key federal subsidy expired a year ago, despite persistently high gas prices, while Europeans have flocked to the cars.
Amin Nasser says ‘system is already straining' and ‘replenishing inventories could take up to two years'
Seven months into the Iran war, crude has once again touched above $105 a barrel, just weeks after trading as low as $68. Refined-product markets have tightened systemically, forcing commodity desks to abandon the models they relied on when hostilities began.
Hybrid cars are gaining ground as EV challenges mount, putting Toyota, Honda and Hyundai in focus and boosting the outlook for auto ETFs.
Global electric-vehicle sales hit 2 million in June, gaining for the fourth straight consecutive month, per industry data.
China has unveiled a new carbon-peaking action plan that targets new energy vehicles (NEVs) accounting for 30% of the country's total vehicle fleet by 2030, marking a significant step in the electrification of the world's largest automobile market. The State Council on Thursday released the "15th Five-Year Plan" Carbon Peaking Action Plan, outlining the country's roadmap to peak carbon emissions before 2030.
Executives point to a faster than normal shift in demand from larger vehicles to more efficient vehicles. Rising gas prices and uncertainty surrounding the Middle East conflict are adding to industry pressures.
Rising fuel prices driven by the Iran war are boosting demand for new and used electric vehicles across Europe, industry data shared with Reuters shows, though some executives warn interest could fade if petrol costs fall.