EVs Are Big Winners of the Iran War—Just Not American Ones

The Iran war has driven oil prices higher and accelerated global EV adoption, particularly outside North America. While American oil and gas production reached record levels, non-U.S. EV markets are booming, with China leading at 12.9 million units sold in 2025. Chinese EV makers like BYD have surpassed Tesla in sales, though their stock valuations differ significantly. The global EV market is forecast to reach $12.6 trillion by 2030 with a 26.7% annual growth rate.