· 2 min read
🗞️ 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
🌎 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)
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