IEA Envisions Robust Growth in Electric Car Sales


The International Energy Agency (IEA) projects a significant increase in electric car sales in 2024, with sales expected to reach 17 million units, up from 14 million in 2023. This surge is anticipated to impact oil demand, which could peak around 2025. Despite concerns over tight margins, volatile battery metal prices, high inflation, and the reduction of purchase incentives, the IEA reports that global sales data for electric vehicles (EVs) remain robust, with a 25 percent increase in sales in the first quarter of this year compared to the same period last year. The uptake of EVs is uneven across regions, with Europe and the United States showing different levels of adoption due to affordability and the phasing out of subsidies. The IEA emphasizes that affordability and the expansion of charging infrastructure are crucial for the continued growth of the EV sector, noting that while electric cars are generally becoming more affordable, the price reduction is not uniform across regions. Charging networks will need to expand significantly to meet the growing demand for EVs.

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