A surge in oil prices triggered by the Middle East war is rapidly reshaping Southeast Asia’s auto market, with electric vehicle (EV) sales soaring as consumers scramble to escape rising fuel costs.
Crude prices have climbed roughly 50 percent since the conflict began, breaching $100 per barrel again on Monday and squeezing fuel-dependent economies across Asia.
With limited alternatives to imported oil, the spike has hit households hard — while handing a major boost to EV makers.
Vietnam’s leading manufacturer, VinFast, has emerged as a key beneficiary. The Nasdaq-listed firm reported a 127 percent year-on-year jump in domestic sales in March, reaching 27,600 vehicles.
EVs already account for about 40 percent of car sales in Vietnam this year, with momentum accelerating sharply.
“At this point, clients are heavily factoring in fuel costs when choosing cars,” said a senior sales executive at a VinFast showroom, noting that more than half of buyers switched from petrol to electric vehicles last month.
Customer traffic has surged, forcing extended opening hours to meet demand.
