EVs to account for 60% of new car sales by 2030 - IEA

Sep. 23, 2022 5:38 AM ETTesla, Inc. (TSLA), F, GM, STLA, TM, VWAGY, BMWYY, MBGYY, GELYYBy: Yoel Minkoff, SA News Editor408 Comments

Electric car power charging, Charging technology, Clean energy filling technology.


Electric vehicle investors are gleaning some important data from the latest update to the IEA's "Tracking Clean Energy Progress." The annual report assesses 55 components of the energy system – sectors, technologies, infrastructure and mitigation strategies - to evaluate progress towards reaching key medium-term milestones by the end of the decade. It's part of a broader effort of "Net Zero Emissions by 2050" that seeks to limit the rise in global temperatures to 1.5°C through innovation, behavioral change, sustainable bioenergy and international collaboration.

Snapshot: EV sales doubled worldwide last year to account for almost 9% of the total car market. The trend is picking up again this year as 2M EV sales were recorded during the first quarter, marking a 75% increase compared to the first three months of 2021. In fact, the IEA expects to "see another all-time high for electric vehicle sales [in 2022], lifting them to 13% of total light duty vehicle sales globally."

"Electric vehicles are the key technology to decarbonize road transport, a sector that accounts for 16% of global emissions," according to the report. "The Net Zero Emissions by 2050 Scenario sees an electric car fleet of over 300M in 2030 and electric cars accounting for 60% of new car sales."

Other highlights: The global EV fleet in 2021 displaced around 0.3 Mb/d of oil by consuming about 50 TWh of electricity, which accounts for less than 0.5% of current total final electricity consumption worldwide. The energy density of EV batteries has also been rising over the past year, while there has been a doubling in the market share of lithium iron phosphate cathodes, which require no nickel or cobalt. Meanwhile, deployment of publicly available EV charging points increased by close to 40% in 2021, with 500K public charging points installed, or more than the total stock of chargers available in 2017.

Related: Tesla (NASDAQ:TSLA), Ford (NYSE:F), General Motors (NYSE:GM), Stellantis (NYSE:STLA), Toyota (NYSE:TM), Volkswagen (OTCPK:VWAGY), BMW (OTCPK:BMWYY), Volvo (OTCPK:GELYY), Mercedes (OTCPK:MBGYY)

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