IEA Expects 1 in 5 Cars Sold Worldwide in 2024 to be EVs


   
   CRANBURY, N.J. (DTN) -- One in five cars sold worldwide this year will 
likely be an electric vehicle, according to the International Energy Agency's 
Global EV Outlook released Tuesday morning, projecting as many as 17 million EV 
sales globally.

   "Tight margins, volatile battery metal prices, high inflation, and the 
phase-out of purchase incentives in some countries have sparked concerns about 
the industry's pace of growth, but global sales data remain strong," said IEA.

   The Paris-based agency said global electric car sales grew by roughly 25% 
year-on-year in the first quarter, about the same annual increase that occurred 
in 2022.

   "In 2024, the market share of electric cars could reach up to 45% in China, 
25% in Europe and over 11% in the United States, underpinned by competition 
among manufacturers, falling battery and car prices, and ongoing policy 
support," said IEA.

   The sales pace is indicative of a new phase in some markets, where first 
time EV sales are moving from early adopters to the mass market, said IEA.

    




(c) Copyright 2024 DTN, LLC. All rights reserved.