Oil prices in Australia have skyrocketed! Recently, Ms. Zhong, who has been living in Australia for many years, was consulting her cousin in China about purchasing an electric vehicle. 

 

She said that in the past 20-plus days, the oil price in Australia has skyrocketed like a rocket. The price changes every day, and it has risen by nearly half. Currently, it is approximately 15 yuan per liter. Driving over 100 kilometers to and from work every day, the high cost of fuel is becoming increasingly unbearable for her. She plans to replace her car with an electric vehicle. The Chinese-made "Yanbei" has caught her eye. 

 

In fact, not only in Australia, but also recently, international oil prices have experienced significant fluctuations. Countries and regions around the world, including Europe, the United States, Southeast Asia, the Middle East, and Latin America, are all experiencing a surge in the purchase of electric vehicles. 

 

01 The global electric vehicle industry is experiencing a boom. 

 

Since the beginning of this year, oil prices have been fluctuating frequently. Especially since March, oil prices have risen significantly in almost all major economies. The cost of fuel usage has sharply increased, and the global demand for electric vehicles has shown a comprehensive explosion trend. 

 

The European market has become the core growth pole for global electric vehicle demand. According to the data, in February, the sales of electric vehicles in nine European countries reached 227,900 units, up by 29.1% year-on-year. The penetration rate of electric vehicles rose to 30.9%, an increase of 6.3 percentage points compared with the previous year. The cumulative sales from January to February were 442,700 units, up by 27% year-on-year, with a penetration rate of 30.6%.

 

Among them, the registered sales of pure electric vehicles in Germany increased by 28.7% year-on-year, in France by 38.5%, and in Spain, the sales of electric vehicles increased by 77%. 

 

The demand for electric vehicles in Southeast Asia has witnessed a leapfrog growth, making it one of the regions with the fastest growth rate globally. The rise in oil prices and local policies promoting electric vehicles have driven a significant surge in sales. In Thailand, the cumulative registration of electric vehicles from January to February reached 51,400 units, increasing by 2.3 times compared to the previous year; in Indonesia, the sales of pure electric vehicles in the same period were 22,500 units, soaring by 195.8% year-on-year; in Malaysia, the sales of pure electric vehicles were 31,900 units, increasing by 354% year-on-year, with a penetration rate of 9.2%, far exceeding the previous expectations. 

 

The demand for electric vehicles in the Latin American market has expanded rapidly. Brazil has introduced tax incentives for green transportation. Coupled with fluctuations in fuel prices, the sales volume and penetration rate of electric vehicles have doubled simultaneously. In February, the sales volume of new energy vehicles in Brazil was 24,900 units, a year-on-year increase of 92%. The penetration rate rose from 7% last year to 14%, with pure electric vehicles seeing a year-on-year growth of 94%. Countries such as Mexico and Chile have also followed suit with incentives for electrification, with the year-on-year growth rate of electric vehicle demand in these countries exceeding 80%. The market space has rapidly expanded. 

 

The demand for electric vehicles in the Australian and New Zealand markets has reached an all-time high, and the willingness of consumers to trade in and purchase new vehicles has significantly increased. In February, the sales of pure electric vehicles in Australia reached 11,100 units, a year-on-year increase of 95.9%, with the penetration rate of electric vehicles reaching 11.8%, setting a new monthly record; the cumulative sales from January to February increased by 94.9% year-on-year. 

 

From January to February, the demand in the Middle East region experienced an explosive growth. The import volume of electric vehicles increased by more than 120% year-on-year. The United Arab Emirates imported over 57,000 Chinese electric vehicles in a single month. In Israel, the penetration rate of electric vehicles in February exceeded 22%, and the proportion of pure electric models continued to rise. The market share of Chinese brands in the electric vehicle sector reached 41.4%, and the proportion of Chinese models in the pure electric market exceeded 80%. 

 

02 Overseas sales continue to rise steadily 

 

The global trend is rising, and Chinese electric vehicles have taken the lead with their high cost-effectiveness, mature supply chain, and rapid adaptation capabilities. They have become an important supply force for global electrification. In the first two months, China exported 583,000 new energy vehicles, increasing by 110% year-on-year, achieving a leapfrog breakthrough in many parts of the world. 

 

In the European market, BYD's sales volume in the first two months increased by 179% year-on-year, and several models ranked among the top-selling products in the region. In Southeast Asia, the market share of Chinese brands exceeded 86%, continuing to lead the region's electrification trend. In the Latin American market, the sales volume of new energy vehicles in Brazil increased by 92% year-on-year, and BYD remained in the top five of the brand list. In the Australian market, Chinese brands sold 26,000 vehicles in a single month, a 50.5% increase year-on-year, and surpassed Japan to become the largest source of imports. 

 

From the perspective of corporate performance, BYD's overseas exports exceeded 100,000 units in February, and its overseas sales surpassed domestic sales for the first time. Geely's overseas exports reached 60,900 units in February, a year-on-year increase of 138%, and it has achieved success in multiple regions such as Europe, the Middle East, and Asia. Chinese electric vehicles are leading the growth of the global new energy vehicle market with a strong momentum. 

 

Shi Yunsheng, the general manager of Tianjin Huatuo Automobile Logistics Co., Ltd., who is engaged in the automotive export business, has a deep understanding of this. He told the "China Automobile News" reporter that many countries around the world are focusing on low-carbon transformation and energy security, continuously optimizing policies for new energy vehicles, and the demand for electric vehicles remains strong. 
For instance, Belarus adjusted its tax policy by restoring the tax rate for hybrid vehicles to the level of regular fuel vehicles, while only retaining tax incentives for pure electric vehicles. As a result, the demand for pure electric vehicles in the local market remained high. Cambodia introduced targeted benefits, offering tax exemptions and low tariffs only to new energy vehicles that are produced in China and have a domestic component rate meeting the standards. These vehicles can enjoy a preferential rate of nearly 30%, significantly reducing the costs of purchasing and importing, thereby directly driving the rapid growth of sales of Chinese electric vehicles in the local market. 

 

The overseas sales of Chinese electric vehicles continue to rise, making China a leading force in global electrification. As Chinese automakers accelerate the implementation of the KD assembly and local factory establishment models overseas, the market share and reputation of Chinese new energy vehicles have simultaneously improved, with a strong growth momentum. 

 

03 Lock in Long-Termism 

 

"The global craze for new energy vehicles and Chinese brands is by no means a fleeting trend," said Zhang Ruifeng, the secretary-general of the Guangdong-Hong Kong-Macao New Energy Vehicle Industry Technology Innovation Alliance. 

 

Firstly, carbon neutrality is a long-term strategy for all countries around the world. Many regions such as Europe, the United States, and Southeast Asia have implemented policies such as the ban on the sale of fuel vehicles and subsidies for new energy vehicles. The underlying logic of the transformation towards electric vehicles in the automotive industry has never changed. Secondly, new energy vehicles have formed differentiated advantages in terms of intelligence and driving experience. Consumers' choices are no longer solely focused on usage costs; product strength has become the core attraction. 

 

Furthermore, at present, the export of China's new energy vehicles is restricted by overseas policies and regulations. Most of them adopt components from international brand suppliers and have not yet achieved simultaneous export of core components and the entire vehicle. This is the current reality challenge in the export process, but it has not weakened the competitiveness of Chinese brands in vehicle manufacturing. China's new energy vehicles have established a globally leading capability in vehicle research, design and manufacturing, and are breaking through barriers through overseas factory establishment and industrial chain cooperation, promoting the localization layout of the supply chain. 

 

"Despite facing challenges such as policy barriers and supply chain compatibility, the long-term positive trend of the industry is clear. Chinese brands will become the core participants in the global new energy vehicle market, and the prospects are very promising," said Zhang Ruifeng. 

 

Shi Yunsheng also believes that currently, China's new energy vehicles have achieved a comprehensive leading position globally. From core technologies such as batteries and electronic control, to raw materials, supply chain systems, and the in-car intelligent ecosystem, China has significant advantages. On the new energy track, China has surpassed traditional foreign giants like Mercedes-Benz, BMW, Toyota, Volkswagen, and Honda. 

 

However, he also cautioned that the industry has entered a new stage of competition, and foreign brands are accelerating their learning and integration: They are beginning to adopt Chinese batteries, connect with the Chinese smart ecosystem, rely on the Chinese supply chain to achieve local production, and rapidly catch up in terms of cost and intelligence level. With the accumulation of a century-old brand, strong financial and technological reserves, and global channel appeal, if foreign car manufacturers use China as a manufacturing base and then expand outward, it will pose a new round of impact on China's new energy vehicle industry. Therefore, one should remain optimistic about the global prospects of China's new energy vehicles, but must not be blindly optimistic. 

 

Originally published on China Automobile News website on March 30, 2026