Are high gas prices good news for EVs? It’s complicated.

High gas prices due to the conflict in Iran are prompting increased interest in electric vehicles (EVs) as consumers seek alternatives. Search traffic for EVs has surged, with dealerships globally struggling to keep up with demand. The rise in gas prices may make EV ownership more cost-effective, potentially driving more people to make the switch. However, sustained high fossil-fuel prices could have negative impacts on various sectors, including shipping and air travel, leading to broader economic concerns.