EVs saved $20B in oil as US falls behind on adoption — SkimNews
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- Ember estimated EVs in oil-importing countries displaced 200 million barrels ($20 billion) of crude oil between March and August 2026 amid the Hormuz energy crisis, with China alone avoiding $14 billion and EU countries saving another $3.1 billion led by Germany and France.
- The US saw battery electric vehicles make up just 6% of light-duty vehicle sales in the first eight months of 2026, after federal EV tax credits were rolled back in September 2025.
- Fifteen countries — including India, Brazil, Italy, Malaysia, and New Zealand — passed the US in BEV sales share for the first time this year, leaving 49 of 56 tracked countries ahead of the US on that measure.
- India has outpaced the US every month since April, while Brazil moved ahead as new manufacturing came online; Tata and Mahindra accounted for more than 60% of India's EV sales in the first half of the year.
- Global BEV sales rose 11% year-over-year in the first eight months of 2026, reaching 18% of new car sales worldwide; Japan doubled its BEV sales after introducing upfront-cost assistance.
- France crossed a 30% BEV sales share for the first time via a social leasing scheme, while Germany strengthened sales through new consumer subsidies introduced at the start of 2026.
Why it matters: The US now sits 49th out of 56 tracked markets on EV sales share, after its federal tax credit was rolled back in September 2025 while peers pushed ahead. Drivers in China, the EU, India, and Brazil collectively cushioned roughly $20 billion of crude exposure during the Hormuz disruption — a buffer American consumers did not get.
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