EVs are ‘super-lever’ to ending oil dependence; European oil imports set to rise to €300 billion in 2026, an €80 billion oil crisis premium.
If Europe maintains its ambition on electric car uptake, it can close the gap with China before 2030 and radically reduce oil use in transport, new research from T&E shows. In 2020, the EU and China were level on EV sales share but weak European car CO2 standards after 2022 saw China pull ahead. Thanks to stronger targets in 2025 the EU finds itself only three years behind, the analysis shows. With seven out of 10 EVs sold in Europe being made in Europe, a speedier transition can ensure that Europe’s auto industry stays in business.
As Europe reels from yet another energy shock, oil prices of well over US$100 per barrel have caused price hikes for Europe’s motorists. T&E’s new State of European Transport report shows that with the right policies, Europe can reclaim the lead in one of the most critical clean technologies of the 21st century, and rapidly reduce its dependence on imported oil. Europe’s 8 million electric cars cut around 46 million barrels of oil in 2025. (....)