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IEA Predicts Record-Breaking 17 Million Electric and Hybrid Car Sales in 2024

The International Energy Agency (IEA) predicts that global sales of electric and hybrid cars will reach a new record of 17 million in 2024, representing a 20% increase from the previous year.
This growth is expected despite some markets experiencing slower growth.

The IEA also forecasts that most electric cars will be priced similarly to petrol equivalents by 2030 due to decreasing prices.

Tesla recently lowered its prices to compete with Chinese rivals, such as BYD, who are also major producers of battery electric cars.

The International Energy Agency (IEA) reported that the demand for electric cars is growing more slowly than expected, leading carmakers to offer discounts to boost sales.

While this could negatively impact some carmakers, the IEA believes that lower prices will accelerate the transition to electric vehicles.

Fatih Birol, the IEA's executive director, acknowledged that sales vary by country but emphasized the overall momentum for the transition.

He stated that the global electric vehicle (EV) revolution is not slowing down but rather entering a new phase of growth, with significant investment in battery manufacturing to meet automakers' expansion plans.

The International Energy Agency (IEA) reports that sales of electric vehicles (EVs) and plug-in hybrids surpassed the total sales from 2020 in the first quarter of 2024.

EVs are expected to increase significantly on the roads.

Plug-in hybrids, which combine a petrol engine with a battery, have higher CO2 emissions while in use, but some in the industry argue they are a necessary transition until public charging infrastructure improves.

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