# Oil shock of 1973 encouraged car owners to replace gas guzzlers with smaller, fuel-efficient engines.

*business · news · 2026-04-08 · Reuters*

## Key points

- The recent Middle East conflict caused the largest oil supply disruption in history, per IEA.
- BYD and Geely accounted for nearly a quarter of global battery-powered car sales in late 2025.
- The global number of EV chargers has doubled since 2022, easing range anxiety for drivers.
- US carmakers have written off $70 billion in EV investments after demand slowed domestically.
- In China, costs for key EV materials rose 44%, adding about $1,000 per vehicle, UBS estimates.

**Companies:** BYD, Tesla, Geely Automobile
**Countries:** China, United Kingdom, Australia, France, United States, Iran, Cambodia, Chile

[Read the full story on Reuters](https://www.reuters.com/commentary/breakingviews/oil-shock-will-speed-electric-cars-comeback-2026-04-08/)

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