More than 1 in 5 cars sold globally this year is expected to be electric, with surging demand projected over the next decade, says a new International Energy Agency (IEA) report.
Rising EV sales are set to remake the global auto industry and significantly reduce oil consumption for road transport, according to the new edition of the IEA’s annual Global EV Outlook, released today.
The latest IEA Outlook report asserts that global EV sales are set to remain “robust” in 2024, reaching around 17 million by the end of the year. In Q1, sales grew by about 25% year-over-year – similar to the growth rate seen in the same period a year earlier but from a larger base. The number of EVs sold globally in Q1 2024 is roughly equivalent to that in all of 2020.
In 2024, electric car sales in China are projected to jump to about 10 million, accounting for about …