While US President-elect Donald Trump may have his doubts about electric vehicles (EV), their sales around the world show no sign of slowing down, with 16.6 million already sold this year, up from three million in 2020.
The figures come courtesy of a report by the International Energy Agency, showing that EVs now account for more than one in every five cars sold worldwide.
Tight margins, volatile battery metal prices, high inflation, and other factors had sparked concern about the industry’s pace of growth, but this latest sales data will allay any fears.
The market share of EVs could reach up to 45% in China this year, 25% in Europe, and 11% in the United States, as quality improves and manufacturers compete on price, taking advantage of falling battery and parts prices, and ongoing policy support.
Last year, global sales of EVs edged near 14 million, which is 18% of all cars sold (itself up from 14% in 2022). More than 250,000 EVs were sold every week last year, more than the number of EVs sold over a whole year just a decade ago. Most EV sales in 2023 were in China (60%), Europe (25%), and the US (10%).
