Tesla Says EV Orders Benefitted From Soaring Gas Prices

On Wednesday, Tesla reported a “resurgence” in global demand, including a “slight growth in the United States,” and its highest first-quarter order backlog in two years, despite the brutal blow the Trump administration dealt the American EV industry with the loss of the tax credit. What partially helped inch those numbers up, according to Tesla CFO Vaibhav Taneja, was soaring gas prices following the war between Iran and the United States. Shortly after the U.S. struck Iran on February 28th, Iran closed most traffic through the critical oil chokepoint of the Strait of Hormuz. The action debilitated the oil trade and sent gas prices soaring throughout the world. The resulting turmoil has been called “the largest energy crisis we have ever faced” by energy experts. While gas prices have been hitting most industries pretty hard, some early evidence claimed that the troubled American EV industry could stand to benefit from it, as the rising gas prices underline the vulnerability of gas-powered vehicles in times of geopolitical uncertainty. As of this writing, gas prices are still high and are likely to stay that way at least for a while. Trump announced an indefinite ceasefire in Iran