Benchmark · Fortune Technology
Globally, 1.75M EVs were sold in March, a 66% jump from the month before, according to Benchmark Mineral Intelligence
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Chinese automakers were already transforming the global car industry, thanks to their innovative yet affordable electric vehicles.
Key facts
- According to estimates by the Washington-based Center for Strategic and International Studies, Beijing has invested over $230 billion into its EV industry since 2009, including into infrastructure
- Globally, 1.75 million EVs were sold in March, a 66% jump from the month before, according to Benchmark Mineral Intelligence
- VinFast sold over 175,000 EVs in its home market last year, doubling its 2024 figure
- Singapore has also mandated that all new cars registered from 2030 will have to use cleaner energy models, e.g
Summary
Southeast Asia’s motorists are increasingly feeling the pinch as the Iran energy crisis extends into its eighth week. While oil prices have slipped from their highs a few weeks ago—West Texas Intermediate crude is currently hovering around $90 per barrel—they are still far above prewar levels. But across the region, drivers may have found an answer: electric vehicles. Chinese EV giant BYD received the most orders of any automaker at the Bangkok Auto Show in early April, beating Toyota for the first time. Energy security concerns are shaping EV demand, says Samuel Chng, a research assistant professor at the Singapore University of Technology and Design (SUTD).