The current market momentum shows a clear link between energy costs and consumer behavior. Renault reported a 50% increase in its electric vehicle order book, yet CEO Francois Provost warned that demand could evaporate as soon as oil prices stabilize. This skepticism is shared by Jim Baumbick, Ford’s head of European operations, who described the current spike in interest as likely transitory rather than a fundamental shift in buying habits.

Market data suggests the growth is losing steam compared to the initial shock of the energy crunch. While EV sales rose by 51% in March following the closure of the Strait of Hormuz, that growth rate cooled to 34% in both April and May. Beyond the price of fuel, the availability of low-cost vehicles from Chinese manufacturers remains a primary driver of current sales. Additionally, consumers are increasingly turning to the second-hand market, where older models offer a more accessible entry point than new showroom inventory.