The worst oil crisis in history comes at a good time for China’s troubled EV giants | CNN Business

A historic oil shock and surging fuel prices are strengthening the case for electric vehicles. China’s EV makers are eager to deliver. The United States and Israel’s war against Iran has disrupted critical fossil fuel supplies from the Middle East, pushing up crude oil prices to as high as $119 a barrel last week. This has sparked fears of worsened inflation, or even a global recession. But the turmoil couldn’t have come at a better time for China’s EV industry. While China manufactures and exports more electric cars than any other nation, its carmakers face fierce price competition and slowing growth at home. Chinese brands are under increasing pressure to find other markets. Now, as Chinese EVs are getting cheaper, gasoline is getting more expensive. That combination will likely turbocharge the industry’s global expansion, analysts said, particularly among Asian nations bearing the brunt of the fuel shortage. “There’s potential for Chinese brands to make a ton of inroads into Asia on the backs of higher petrol costs,” said Tu Le, managing director at Sino Auto Insights, a car-focused consultancy. “I would look for them to take full advantage of that.” Despite