Despite the slow growth in some markets , there are projections that electric and hybrid car sales will move to a new global record in 2024. This forecast was given by the influential International Energy Agency (IEA).
The Paris-based forecaster stated that 17m battery electric vehicles and plug-in hybrid electric vehicles will be sold in 2024 at a higher rate than in 2023.
The IEA stated that electric cars will cost the same as petrol cars by 2030 as prices depreciate. Tesla reduced prices over the weekend as it continues to fight to retain its market share among competitors. Its closest competitor is the Chinese rival BYD, which is the largest producer of battery electric cars.
Many carmakers have complained that the rise in the demand for electric cars is really depreciating, making them consider discounting to compete. Lower prices are also likely to raise the transition, which could damage some carmakers, the IEA said.
The energy economist Faith Birol, who is the head of IEA, stared that sales are stronger in most countries than in some, but he also added that there was clear momentum for the transition.
“Rather than tapering off, the global EV revolution appears to be gearing up for a new phase of growth,” Faith said.
“The wave of investment in battery manufacturing suggests the EV supply chain is advancing to meet automakers’ ambitious plans for expansion. As a result, the share of EVs on the roads is expected to climb rapidly.”
The IEA said, “In the first quarter of 2024, there were more sales of electric and plug-in hybrids (which combine a petrol engine with a battery) than in the whole of 2020.”
Hybrids still produce high amounts of CO2 when being used. Most carmakers argue that if used correctly, they are important steps to take in order to reduce emissions until the public charge facilities are worked on.
Other countries are focused on encouraging the creation of electric vehicles. Four-fifths of all the cars in Norway that are sold in 2023 are electric. The policies are different of China and other rich European countries that are generally ahead of the rest of the world.
Before now, the UK was Europe’s biggest electric car producer in the market over the first three months of 2023, according to Matthias Schmidt, an independent economist.
Discover more from Infodorm
Subscribe to get the latest posts sent to your email.