US-Iran war boosts used electric vehicle sales

The FT News Briefing explores how the ongoing U.S.-Iran conflict is reshaping consumer behavior in the United States, particularly driving demand for used electric vehicles (EVs). With gas prices soaring due to disrupted oil supplies through the Strait of Hormuz, Americans are turning to pre-owned EVs as a cost-saving alternative. This trend is fueled by a surge of low-priced used EVs returning to the market after lease expirations, especially following the Biden administration's $7,500 tax credit incentive. While range anxiety remains a concern, the immediate psychological impact of high fuel prices—termed 'pump anxiety'—is proving more compelling than charging infrastructure worries for many buyers. California’s higher gas prices and stronger EV adoption rates suggest a growing national shift. Meanwhile, Hungary faces a pivotal election as opposition leader Peter Magyar challenges Prime Minister Viktor Orbán’s 16-year rule, citing economic stagnation, deteriorating public services, and political corruption. Orbán’s isolation within the EU and declining voter loyalty, especially among the poor, could signal the end of his dominance. The IMF warns the war will have lasting economic consequences, even under optimistic scenarios.