Electric vehicles and plug-in hybrids displaced 2.3 million barrels of oil consumption per day in 2025, according to research from BloombergNEF.
Despite the slowdown in the U.S., EV sales continue to grow robustly in the rest of the world, including in major economies like China, Europe, and India. According to Benchmark Mineral Intelligence, automakers sold 20.7 million plug-in vehicles worldwide last year, representing 20% year-over-year growth.
Electric two- and three-wheelers displaced some 1.1 million barrels of oil per day last year, as compared with around 741,000 from passenger vehicles.
