EV fleets have saved oil-importing countries an estimated $20 billion (£15.1 billion) of crude oil costs just in the six months since the start of the US-Israel war with Iran.
Analysis from Ember covers 56 countries that collectively account for 90% of electric car sales and over 80% of car sales globally.
The findings show China accounted for the largest share of savings, with its electric fleet displacing $14 billion (£10.6 billion) worth of crude oil.
Alongside this, EU countries saved a further $3.1 billion (£2.3 billion) with Germany and France saving the most. Annually, Denmark’s EVs are displacing the equivalent of 13% of the country’s oil consumption.
Euan Graham, Senior Energy Analyst at Ember, said: “The countries that invested in electric vehicles before this crisis are now better protected and a growing number are following.
“The benefits of the global shift to electric cars extend beyond cutting emissions, with implications for energy security, economic resilience and how countries position themselves in a world where dependence on imported oil carries immense risks.”
These savings don’t come as a surprise as countries across the world are seeing huge increases to EV sales. This global shift is continuing to leave the US behind as out of the 56 tracked by Ember, 49 countries now have higher EV sales than the US.
Fifteen countries overtook it for the first time in 2026, including India, Brazil, Italy, Malaysia and New Zealand.
Globally, EV sales increased by 11% year-on-year, while plug-in hybrid sales fell by 12% and internal combustion engine vehicle sales fell by 6% in the first eight months of 2026. Excluding China and the US, global BEV sales grew by an estimated 45%.
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