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EVs will account for one in five car sold in 2023

By illuminem

May 05 2023 · 1 min read

Illuminem Voices
Electric Vehicles

🗞️ Driving the news: The International Energy Agency (IEA) forecasts that nearly one in five cars sold worldwide in 2023 will be electric vehicles (EVs)

  • EVs are projected to account for 18% of global car sales in 2023, a significant increase from 4% in 2020
  • Sales are expected to reach 14 million vehicles, including both battery-only and plug-in hybrid models

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🌎 Why it matters for the planet: The IEA report indicates that electric vehicles are becoming increasingly competitive with traditional gas-powered cars, and that the infrastructure for charging electric vehicles is expanding rapidly

  • As a reminder, EU aims to phase out sales of non zero-emissions vehicules by 2035, and the US targets 50% EV sales by the decade's end 

What’s next: The US and the EU are currently in talks to address their differences on electric vehicle subsidies 

  • The EU is upset about the subsidies part of US President Joe Biden’s Inflation Reduction Act, which includes tax breaks for US-made EVs and batteries
  • A trade deal would allow European car-makers to access billions of dollars in US tax incentives for EVs

💬 One quote: "EVs are no longer marginal or niche at all" (Timur Gül, Head of energy Technology Policy, IEA)

📈 One stat: 35% of global car sales will be electric by 2030, up from a forecast of 25% just a year ago (source: IEA)

Click for more on electric vehicles

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