Electric vehicles pass tipping point, breaking the link with oil prices

By Viet Nguyen-Tien, Research Economist, London School of Economics and Political Science
Gavin D. J. Harper, Research Fellow, Birmingham Centre for Strategic Elements & Critical Materials, University of Birmingham
Robert Elliott, Professor of Economics, University of Birmingham

When the Strait of Hormuz first closed in March and oil hit US$120 a barrel, a very old question came back: is this finally the moment electric vehicles take off for good – or just another false start?

EVs have been here before. They surged after the 1973 oil embargo, collapsed when oil fell, and surged again. Each wave died when the external pressure eased.

We think this time is different. In a…

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