Global EV Sales Surge

Worldwide electric-vehicle sales are projected to jump 35% this year to 14 million, according to a new report released by the International Energy Agency.

The Paris-based organization shows EV sales have made big strides in just three years, ballooning from 4% in 2020, and it forecasts that the average EV share of worldwide vehicle sales in China, the European Union and the U.S. – where the vast majority of EV sales take place – will be about 60% by 2030.

A whopping 60% of worldwide EV sales were in China last year, and more than half of EVs on the roads today are in that country, the report says. Sales are growing in Europe and the U.S., though, increasing by 15% and 55% last year, respectively.

Government programs, including the Inflation Reduction Act passed last year in the U.S., will help continue to grow EV sales, the report says. The U.S. initiative includes federal tax credits for EV purchases. Separate initiatives include $5 billion to build out charging infrastructure and $2.8 billion to increase U.S. manufacturing of EV batteries and domestic mineral production.

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