Oil Shocks Could Accelerate EV Adoption, WoodMac Says

Oil supply disruptions, high fuel prices and faster battery innovation could give electric vehicle adoption a fresh push, with consequences for oil demand, power grids and metals markets, Wood Mackenzie said Thursday.

Wars affecting oil-producing Russia and Iran have exposed governments and consumers to higher fuel prices and supply risks, creating another incentive to invest in EV manufacturing and supply chains, WoodMac said in a new report.

Technology is moving quickly, too.

China is making progress on five-minute charging as well as sodium-ion…