Key facts
- Global EV sales surged 35% in Q2.
- Middle East supply disruptions hiked oil prices, contributing to EV sales growth.
- China's EV market saw a nearly 20% drop.
- Global H1 EV sales declined 1% year-on-year.
- QatarEnergy is buying up to 33 U.S. LNG cargoes this year.
- Iranian attacks have disrupted Qatar's Ras Laffan facility.
- PLS plans to increase lithium production by 20% in FY2027.
- Hong Kong drivers are requesting an extension of the LPG subsidy.
- The IEA reported on global EV sales trends.
Global electric vehicle (EV) sales experienced a substantial 35% increase in the second quarter, largely attributed to disruptions in the Middle East that led to a surge in oil prices, as reported by the International Energy Agency (IEA). This surge in demand for EVs, as an alternative to fossil fuel-powered vehicles, occurred despite a broader trend of declining sales in the first half of the year. Overall, H1 sales saw a 1% year-on-year decrease, primarily due to a nearly 20% contraction in China's EV market, which is a significant global player.
In parallel, the energy sector is grappling with supply chain challenges. QatarEnergy has committed to purchasing up to 33 liquefied natural gas (LNG) cargoes from the United States this year. This strategic move is intended to supply its Asian clientele and compensate for disruptions at its Ras Laffan facility, which has been targeted by Iranian attacks. The company aims to uphold its standing as a dependable energy provider, even as it faces considerable revenue losses and repair expenses.
On the supply side for EV components, Australian lithium producer PLS has announced its intention to boost production by approximately 20% in fiscal year 2027. This expansion plan reflects a wider trend among Australian miners of lithium, a critical metal for EV batteries, to increase output in anticipation of sustained demand growth.
Separately, in Hong Kong, drivers of taxis and light buses are advocating for the continuation of the liquefied petroleum gas (LPG) subsidy. They warn that the subsidy's expiration will inevitably lead to higher operating expenses, impacting their livelihoods and potentially consumer costs.