Electric Vehicles: The Lifeboat from the Flood of Oil Prices

A recent report issued by the World Bank and the IEA stated that tensions surrounding the Strait of Hormuz have provided the biggest unintended marketing service to the EV sector. With the IMF warning that the oil price crisis will persist longer, EV showrooms witnessed historic footfall. Governments, for their part, utilized this momentum to offer financial support packages to consumers, aiming to reduce reliance on fossil fuel imports and protect citizens from imported economic crises.