EVs have saved oil-importing countries $20bn since the start of the US-Israel war with Iran, according to new data released by Ember.

Ember’s newly released monthly EV sales tracker provides data on oil demand displacement, including the value of oil displaced by EV fleets in the six months following the start of the US-Israel war with Iran and the resulting disruption to fossil fuel supplies through the Strait of Hormuz.

In the six months from March to August 2026, China saved an estimated $14bn, with EU countries saving $3.1bn.

49 out of 56 countries tracked by Ember recorded a record share of EV sales so far in 2026. India, Chile, Australia and New Zealand have seen a rapid acceleration following the closure of the Strait of Hormuz.

While some countries are benefitting from long-standing strategies to enable EV uptake, others are passing new policies that will in time reduce oil import vulnerability and attract new investment in the EV supply chain. Against this backdrop, the US is increasingly becoming an outlier.

Long-time leaders in EV uptake like Norway and Denmark are being joined by new pioneers such as Viet Nam and Uruguay, as more and more countries implement successful policies to support the transition to electric vehicles.

Falling technology costs, high fuel prices and policy direction are helping fully electric options gain a growing share of new car sales. Globally, EV sales are up by 11 per cent year-on-year for the first eight months of 2026 despite policy changes slowing EV uptake in the US and China, the two biggest markets in absolute terms. In contrast, sales of plug-in hybrid electric vehicles (PHEVs) have fallen by 12 per cent and sales of internal combustion engine (ICE) vehicles are down by 6 per cent.

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