EV sales are likely to continue growing in 2024, reaching around one in five new car sales globally, and 11% of the U.S. market, according to the International Energy Agency (IEA).
Tight profit margins, volatile battery raw material prices, and the phaseout of incentives in certain countries have led to concerns about an EV sales slump, but data shows that sales are still growing, analysts found, with falling battery prices, EV-friendly policies, and increased sales in emerging markets underpinning further sales growth.
Rivian R1T at Tesla Supercharger
That conclusion is based in part on record 2023 EV sales. Last year, EV market share reached 18%, up from 14% in 2022. Most (60%) were sold in China, followed by Europe (25%) and the U.S. (10%). But growth in other markets could further boost EV sales, analysts predict.
Over 20 major automakers, representing 90% of global car sales…
Read full article originally published on www.greencarreports.com