Record EV Sales in Europe in March Driven by Surging Petrol Prices, Reuters Reports

Rising fuel costs triggered by the ongoing war in Iran have pushed European car buyers toward electric vehicles in significant numbers, with March 2026 marking a record month for EV sales on the continent, according to a Reuters report citing data from consultancy Benchmark Mineral Intelligence (BMI).

BMI data showed that registrations of new battery-electric and plug-in hybrid cars rose 3% year on year globally to over 1.7 million units, with Europe recording a 37% jump to an all-time monthly high of nearly 540,000 EVs sold. Reuters notes this also marked the first month of global EV sales growth in 2026.

The war in Iran, which broke out on February 28, disrupted a key shipping route carrying roughly 20% of global oil supplies, prompting governments worldwide to cap fuel prices to shield motorists from soaring costs. Despite these measures, the fuel price shock appears to have accelerated consumer interest in electrified vehicles.

The trend was visible across both new and used car markets. The average cost of petrol in the European Union rose 12% to €1.84 per litre between February 23 and March 16, according to European Commission data. In Germany, registrations of pure electric cars rose 66% in March 2026 compared to a year earlier to nearly 71,000 units, pushing EVs' share of all registrations to 24% — overtaking petrol cars, whose share fell below 23%.

In the used car segment, German platform mobile.de told Reuters that the share of EV searches on its website tripled since the start of March, from 12% to 36%, while car dealers received 66% more enquiries for used EVs compared to February. Similar patterns were reported across France, the Nordics, and other European markets.

BMI data manager Charles Lester told Reuters that while car registrations lag sales, a significant portion of the March surge could be attributed to the rise in petrol prices.