The soaring price of petrol is sending more Australian drivers to electric cars and the trend could change the worldwide automotive market.

Global oil shortages are driving more motorists to buy electric vehicles, with predictions they could account for almost one in three cars sold worldwide within a year.

Australian drivers could be among those behind the trend after a report found local motorists would save an additional $688 with an EV due to record petrol price increases.

The International Energy Agency released the findings on Thursday in its annual report on the sector, which also found electric vehicles were on track to represent half of all vehicles sold in 2035.

The forecast comes after Australians bought a record number of electric and hybrid vehicles in March and April following fuel shortages caused by conflict in the Middle East.

The agency’s Global EV Outlook 2026 report, which combines sales data with analysis, found electric cars sales exceeded 20 million in 2025, representing a rise of 20 per cent.

Europe recorded the strongest EV growth with sales up by 30 per cent, while Southeast Asian countries such as Vietnam, Indonesia and Thailand more than doubled the number of electric car sales.

Their popularity remained steady in the US and slowed slightly in China, where they made up more than half of all vehicle sales, but International Energy Agency executive director Fatih Birol said the year represented a turning point.

“Electric car sales set new records in close to 100 countries last year,” he said.

“The growing popularity of EVs has marked a major shift for car makers and the energy system as a whole, and it is providing some relief now amid the largest oil supply shock in history.”

Global fuel shortages were expected to draw consumer attention to the lower running costs of electric vehicles, the report said, and would help them reach 23 million sales in 2026, representing 28 per cent of all car sales.

Australian motorists were hit particularly hard by rising fuel prices – up by 34 per cent in April compared with 2025 – which meant they could save an additional $US490 a year ($688) by swapping a petrol car for a battery-powered model.

The figures showed low-emission cars were becoming an even better investment, Electric Vehicle Council policy head Aman Gaur said.

“People around the world are making the sensible decision to step into EVs, which are cheaper to run and aren’t dependent on expensive, foreign fuels,” he said.

But growth in electric cars could be affected by further fuel excise cuts, the report noted, and also by rising electricity prices.

Australians bought more than 15,400 electric cars in April, according to figures from the Federal Chamber of Automotive Industries and Electric Vehicle Council, representing 16.4 per cent of all new car sales.

Source: AAP

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• Nio’s battery swapping tech is hotter than ever.
• The automaker’s customers managed to swap more than 1 million batteries in just a week.
• Its highest day of swaps during this last sprint was 170,585 batteries—and that wasn’t even its all-time record.

EVs might be getting uber-fast at charging, but there’s still one refueling method in China that makes plugging in feel as archaic as feeding your horse some oats. We’re talking about Nio’s battery swapping tech. Pull in, wait about three minutes, and leave with a fully-charged pack. It’s kind of like going to a car wash, but it gives your car a fresh battery instead of making it squeaky clean.

How popular is it getting, you ask? Well, Nio’s recent statistics point out that during China’s recent May Day travel rush, it completed over 1 million battery swaps in a single week.

Photo by: Nio

Nio was able to perform 1,031,469 separate battery-swapping sessions between April 30 and May 6—or about 147,350 swaps per day. That’s an average of 270 swaps across its 3,839 battery swapping stations, or right around 40 per-site, per-day.

The actual highest day of use was May 1 where Nio swapped out 170,585 batteries. This was a huge number of swaps, but still didn’t quite beat the automaker’s record of 177,627 in a single day (which Nio says was set on February 22nd during the height of China’s Spring Festival travel rush).

Even more impressive was the amount of power delivered via the stations. From May 1 until May 5, Nio says that it provided 15.4 gigawatt-hours of energy, which it claims was around 16.3% of all energy delivered to EVs in China over the same period of time. 

Battery swapping has several notable advantages over charging. One is speed. While even the quickest charging stop in the U.S. takes around 20 minutes, and most EVs require more like 30-40, an automated battery-pack swap can take just a few minutes. The batteries are charged slowly on site, reducing the location’s power needs. And the framework enables different battery packs for different use cases. For example, when they embark on a road trip, Nio owners can pay extra for a bigger pack with more range. 

As cool as it is, battery swapping does come with some unique challenges. Automakers have to invest in a bunch of spare batteries to store at the site. And interoperability is an issue; Nio’s stations only work with its Nio and Onvo brands. For this to take off industry-wide and become the new default form of EV charging, you’d need to have battery packs that were swappable between manufacturers. (Nio is working with Chinese battery giant CATL on battery-swapping standards.)

In the U.S., the tech has been in its infancy for years. A California-based startup, Ample, had been piloting battery-swapping for ride-hailing drivers and had inked some preliminary deals with automakers, but it filed for Chapter 11 bankruptcy late last year. 

Nio, meanwhile, is pushing ahead. And its swapping stations have proved popular. In fact, Nio has performed more than 100 million battery swaps since 2018.The automaker’s fifth-generation battery swapping facilities will soon begin deployment across China, allowing the stations to support larger wheelbases and help to future proof the tech.

The Apollo Evo is probably the most extreme hypercar ever to come out of Germany, and it will soon be part of the Hamilton Collection. The car is expected to be delivered by the end of this year.

The Apollo Evo is an evolution of the equally outrageous Apollo IE (Intensa Emozione). While the company has made several improvements to make the car more usable, it still looks like a fire-breathing creature from Avatar.

Only 10 examples are being produced, and the final chassis has been reserved for the Hamilton Collection. The carbon fibre monocoque that will form the backbone of the Apollo Evo is ready. It even has a plaque with the Hamilton Collection logo.

At its heart is a 6.3-liter naturally aspirated V12 engine that revs to 8,500 rpm and produces 800 hp and 564 lb-ft of torque. It uses a Hewland sequential six-speed transmission, which is operated via paddle shifters, with 100% of the power going to the rear axle.

The Apollo Evo is capable of accelerating from 0-62 mph in just 2.5 seconds. and will reach 208 mph on the open road.

The Aston Martin Valhalla has been getting rave reviews from scribes who recently got to experience the supercar on track and on public roads. It might just be the greatest road car Aston has ever built. It’s cheaper than the Valkyrie and downright easier to live with.

Having received such high praise from the experts, you would expect demand for the Valhalla to rise, and so will the prices. So, now would be the right time to get your hands on one.

Dubai supercar dealer F1rst Motors is quoting $1.4 million for a Euro-spec Valhalla with 0 miles on the clock. It seems like a reasonable price given that a brand-new example from the factory costs around $1 million depending on the spec.

With 999 examples being produced, the Valhalla isn’t ultra-rare. However, a readily available unit with 0 miles certainly is.

The specifications aren’t too shabby either. This Valhalla is finished in gloss black and has yellow accents. The wheels are black, while the brake calipers are painted in yellow. The dark theme continues on the interior, with black Alcantara and gloss black trim. Also, note the forged carbon fibre tub.

The Valhalla is Aston Martin’s first series-production hybrid supercar. It is also the first model to use a bespoke 4.0-liter twin-turbo flat-plane V8 paired with an all-new 8-speed dual-clutch transmission, which incorporates an electric motor and an electronic rear differential. The internal combustion engine produces 817 hp, while three electric motors deliver a combined output of 248 hp. Together, the plug-in hybrid powertrain delivers 1065 hp and 811 lb-ft of torque.

Source: F1rst Motors

The Clean Energy Finance Corporation (CEFC), the country’s main green bank, is committing $100 million to help more Australians and local businesses switch to electric vehicles (EVs), with discounted finance available for new and used eligible EVs.

The investment is being made in partnership with Volkswagen Financial Services Australia (VWFS) but will allow eligible customers to choose from brands as varied as Volkswagen, Audi, Škoda, Cupra, and Volvo, as well as other eligible EVs beyond these brands through VWFS’s accredited dealer network.

The discounted finance offerings will be made available through VWFS and could save up to 1.0 per cent on standard loan rates for eligible EVs, made up of 0.5 per cent from the CEFC and 0.5 per cent from VWFS.

The program covers consumer loans for passenger EVs which will be capped under the luxury car tax threshold and could save customers more than $1,900 on a typical $70,000 loan over five years.

The program also covers commercial loans for light commercial electric vehicles including vans or utility vehicles, and which are not capped by the luxury car tax threshold.

The CEFC and VWFS hope to support the electrification of Australia’s small- to medium-sized business fleets by reducing upfront costs as well as send a signal to manufacturers to begin offering a broader range of EV model options to the Australian market.

Another aspect of the goal of these investments is supporting the future integration of EVs into the electricity grid, with technologies such as vehicle-to-grid (V2G) allowing some EVs to act as mobile batteries, charging or discharging to the grid.

“We’re making it easier for businesses to choose advanced electric vehicles, including those with future-ready features like V2G, by reducing barriers like high upfront costs and by encouraging manufacturers to increase model availability in Australia,” said Richard Lovell, CEFC executive director and head of debt markets.

“This investment helps lower costs today and builds a stronger market for affordable, second-hand EVs tomorrow, making clean transport more affordable for more Australians and their businesses.”

Joshua S. Hill is a Melbourne-based journalist who has been writing about climate change, clean technology, and electric vehicles for over 15 years. He has been reporting on electric vehicles and clean technologies for Renew Economy and The Driven since 2012. His preferred mode of transport is his feet.

Porsche Carrera GT values are hovering around the $3-3.5 million mark in 2026. But, when a rare, Paint-to-Sample (PTS) version comes up for sale, you can expect it to sell for a lot more than that.

One of these rare Carrera GTs went under the hammer at Broad Arrow Auctions this weekend. It is not only one of the 19 PTS cars ever produced but also the only Carrera GT finished in Gulf Blue. It’s no surprise that it went for a record $6.7 million.

The Carrera GT looks stunning in the sky blue shade. It is paired with yellow brake calipers. The interior is special too, with Ascot Brown leather upholstery all around. It also comes with a matching luggage set.

Powering the Carrera GT is a glorious 5.7-liter naturally aspirated V10 that puts out 603 hp and 435 lb-ft of torque. It is paired with a 6-speed manual transmission, with power going to the rear axle. This car has just 2,807 miles on the clock.

Another Porsche that has been making headlines this weekend is the Carrera GT Sport Canepa.

Source: Broad Arrow Auctions

The global shift toward electric cars reached an important milestone last year. In 2025, drivers around the world bought 20.53 million new energy vehicles. This group includes battery-electric cars (BEVs), plug-in hybrids (PHEVs), and fuel-cell vehicles. This is a 26% jump compared to the year before, proving that the appetite for EVs is still growing, even if the pace is starting to shift.

The numbers are big, but experts at TrendForce expect things to calm down a bit in 2026. Global EV sales are projected to reach 23.4 million units this year – still an increase, but the growth rate is expected to drop to 14%. A big reason for this change is China, which until now was the main engine driving the world’s electric car market. That market is maturing now, and the rapid-fire growth we saw in previous years is naturally slowing down.

Global EV sales rankings – source: TrendForce

China still holds the title of the world’s largest market for electric cars, accounting for about 66% of all sales in 2025. Its own growth rate sat at 24%, which was actually a little bit lower than the global average. On the other side of the map, Western Europe had a fantastic year. Sales there grew by nearly 30%, marking the best performance for the region since 2022.

The most shocking news from the 2025 rankings involves the battle at the top. For the first time, the Chinese brand BYD has overtaken Tesla to become the world leader in battery-electric car sales. BYD saw its sales grow by 25% over the year. Tesla, on the other hand, saw its sales slide by about 9%. Many analysts believe Tesla struggled because it did not release enough new or updated models to keep shoppers interested.

Tesla Model X – source: Tesla

Other Chinese companies are also making big moves. Geely climbed up to fourth place in the global rankings, doubling its market share from 3% to 6%. A lot of that success came from a small, affordable car called the Xingyuan, which costs less than 100,000 Chinese Yuan (about $13,800). Even the tech company Xiaomi is getting in on the action. It tripled its market share from 1% to 3% in just one year, landing it in eighth place globally.

Volkswagen is having a tougher time. Even though the German giant sold more cars overall, it lost ground in China. To fix this, Volkswagen launched a new brand specifically for Chinese drivers. They are also working closely with XPeng to build new cars together. We should see the first results of this partnership hit the streets real soon.

BYD is the new King of EV Sales

In the world of plug-in hybrids, BYD is still the king with a 31.5% market share. Unfortunately, even the king had a rough patch, seeing its first-ever drop in sales volume. Meanwhile, Li Auto, which used to be in second place, had a very difficult 2025. Its sales fell by 30%, and it dropped to fifth place in the hybrid rankings. To fight back, Li Auto is spending a lot of money on Artificial Intelligence to make its cars smarter and more high-tech.

2026 will bring some big changes to how people pay for electric cars. In China, the government is changing how it gives out discounts. Instead of a flat cash amount, the subsidy will be a percentage of the car’s price. This might make cheaper cars feel more expensive for buyers. In the United States, the situation is even more dramatic because federal subsidies for EVs have ended completely. Germany, on the other hand, is bringing back its subsidies and won’t care where the car was built, which is great news for brands imported from China.

BYD Han L – source: BYD

Building high-tech EVs is also getting more complicated – modern electric cars are basically computers on wheels, and they need a lot of memory chips. These chips usually only make up 1% to 5% of the total cost of building the car. If the price of critical components goes up or the supply runs low, it can cause big delays – something we have witnessed for the last few years. Automakers are now working harder than ever to make sure they have a steady supply of parts so they can keep their factory lines moving and their software updated.

2026 is shaping up to be a year of big changes. The EV markets around the world are maturing, and many automakers are bringing more affordable models to customers, while others are calling it quits on electric cars. The world is slowly getting divided with entire countries taking either a pro-EV stance or going back to fossil fuels – something we did not expect to ever happen.

Source

A yellow Ferrari Enzo, part of the Phil Bachman Collection, has just been sold at auction for $17.87 million, destroying all previous auction records.

Prior to this, the most expensive Ferrari Enzo was sold in 2023. It had gone for approximately $6.26 million.

Chassis no. 135262 is painted in Giallo Modena, making it one of just 36 Enzos painted in this shade of yellow. Only 11 of these exist in the US. Inside, it is fitted with the factory custom Rosso and Giallo seats.

This is one of those rare low-mileage Enzos. The odometer reading at the time of sale was 649 miles. However, there are Enzos with delivery miles as well. Two cars are currently on sale at F1rst Motors, Dubai.

That being said, this Enzo is Ferrari Classiche certified with Red Book and has won at several concours events, including Platinum and The Supercar Cup at the 2011 Cavallino Classic.

The Ferrari Enzo is one of the last analogue supercars. It is powered by a 6.0-liter V12 engine that makes 651 hp and 485 lb-ft of torque. It is bolted to a 6-speed automated manual transmission, which drives the rear axle.

Source: Mecum Auctions