BYD's bet on EVs is paying off as drivers ditch gas amid rising oil prices
4 hours ago
- #Oil Prices
- #Electric Vehicles
- #BYD
- BYD has become the world's largest EV maker after stopping ICE vehicle production in 2022.
- BYD sold over 4.6 million electric and plug-in hybrid vehicles in 2025, surpassing Ford in global sales.
- Rising oil and gas prices are driving increased demand for EVs, with dealerships in Manila and Vietnam reporting surges in orders.
- EV adoption helped avoid 1.7 million barrels of oil consumption per day globally in the previous year.
- Southeast Asian countries like Thailand and the Philippines are seeing higher EV adoption rates (around 40%) but remain impacted by rising oil prices.
- Countries like Laos are reducing EV fees while increasing them for gas-powered cars to encourage EV adoption.
- China, the US, and Europe are experiencing a shift toward EVs, with shopping data showing a 20% rise in EV consideration in early March.
- BYD is offering free EV charging for 18 months on select models to further incentivize adoption.