Summary
– Global electric vehicle sales are projected to hit 17 million in 2024, with 50% of all cars sold globally expected to be electric by 2035.
– The price differential between electric vehicles and internal combustion engines has narrowed, with upfront sales prices being nearly the same due to cheaper electricity costs.
– Smart policies and maturation in the EV industry have led to more automakers setting electrification targets and investing in EV and battery manufacturing.
– Barriers to EV ownership such as availability, cost, charging, and waste are being overcome, with global battery recycling capacity and public charger installations increasing.
– Driving an electric vehicle can save money, cut consumer costs, create new jobs, and clean up the air by reducing reliance on fossil fuels and decreasing tailpipe pollution, providing a beneficial alternative to traditional gas-powered cars.
Article
The International Energy Agency’s Global EV Outlook projects that global electric vehicle sales could hit 17 million in 2024, accounting for more than one in five cars sold worldwide. By 2035, it is estimated that 50% of all cars sold globally will be electric, leading to a significant reduction in oil demand and a shift towards clean, cheap EVs that will revolutionize the global auto industry. The price differential between EVs and internal combustion engines has narrowed significantly, making upfront sales prices almost equivalent, with the added benefit of drivers saving money on fuel costs by driving electric.
China, the US, and Europe are all experiencing a surge in EV sales, with projections indicating that EVs will represent a significant portion of new car sales in each market. Policies in these regions, such as China’s 14th Five-Year Plan, the US Inflation Reduction Act, and the EU’s Net Zero Industry Act, have provided automakers with the certainty to make long-term investments in electrification, leading to cost reductions and increased supply. With more than 20 automakers setting electrification targets and significant investments in EV and battery manufacturing, the industry is on track for widespread adoption of electric vehicles.
The cost of EVs is declining as technology improves and manufacturing expands, with most EVs sold in China being cheaper than internal combustion engines. Battery recycling capacity is also increasing, with plans to exceed 1,500 gigawatt-hours by 2030, highlighting the industry’s commitment to sustainability. The availability of public chargers is also on the rise, with fast-charger station installations outpacing slow-charge stations, addressing one of the key barriers to EV ownership.
In the US, EV sales are on the rise despite fluctuations in Tesla sales, indicating a broader market trend towards electrification. Average transaction prices for EVs have fallen, closing the cost parity gap with gas-powered cars and making EVs an attractive option for consumers. Federal policies, such as the Inflation Reduction Act and infrastructure investments, are supporting the growth of the EV ecosystem, with plans to build a national network of public chargers by 2030.
Choosing to drive an electric vehicle not only saves money but also contributes to cleaner air by reducing tailpipe emissions. With evidence of collusion among oil companies driving up prices at the pump, consumers are turning to EVs as a way to break free from the volatility of fossil fuels and reduce their impact on the environment. Electric vehicles offer a sustainable alternative for transportation, aligning with the global shift towards clean energy and reducing reliance on oil. The future of EV sales is bright, with widespread adoption predicted to benefit both consumers and the environment.
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