The electric car revolution is on track, says IEA
CNN
Global electric vehicle sales are set to rise by more than a fifth to reach 17 million this year, powered by drivers in China, according to the International Energy Agency.
Global electric vehicle sales are set to rise by more than a fifth to reach 17 million this year, powered by drivers in China, according to the International Energy Agency. In a report Tuesday, the IEA projected that “surging demand” for EVs over the next decade was set “to remake the global auto industry and significantly reduce oil consumption for road transport.” It expects half of all cars sold globally to be electric by 2035, up from more than one in five this year, provided charging infrastructure keeps pace. The agency’s bullish long-term outlook for EVs — based on current government policies — comes just days after the world’s biggest EV maker Tesla slashed its prices in major markets to counter declining sales and growing competition from Chinese upstarts and established carmakers. “The continued momentum behind electric cars is clear in our data, although it is stronger in some markets than others,” IEA executive director Fatih Birol said in a statement. “Rather than tapering off, the global EV revolution appears to be gearing up for a new phase of growth.” Birol’s upbeat assessment contrasts with the financial pressure currently facing automakers, with profit margins squeezed by price wars as competition heats up and demand slows. Last year, global EV sales grew 35% to almost 14 million.
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