The US electric vehicle market has had a rough stretch. Federal EV tax credits disappeared, supportive policies were rolled back, and overall EV sales dropped by around 27 percent year-over-year in the first quarter of 2026, according to Cox Automotive estimates. Then the conflict with Iran hit, and geopolitical tensions pushed oil prices higher. That single shift in what people pay at the pump appears to be influencing buyer behavior—at least in the short term. Hyundai Motor Company CEO José Muñoz told Bloomberg that the company’s US EV sales grew by 40 percent between February and March, and he pointed squarely at rising fuel costs as the reason.
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Author: Simran Rastogi
