IEA says clean energy manufacturing set for substantial growth as world enters ‘new industrial age’
Wind turbine blades photographed at a facility in China’s Hebei Province on July 15, 2022. The world’s second largest economy is a major force in technologies crucial to the planned energy transition.
VCG | Visual China Group | Getty Images
The world is moving into “a new age of clean technology manufacturing” that could be worth hundreds of billions of dollars per year by the end of the decade, generating millions of jobs in the process, according to a new report from the International Energy Agency.
Published Thursday morning, the IEA’s Energy Technology Perspectives 2023 report — which referred to “the dawn of a new industrial age” — looked at the manufacturing of technologies including wind turbines, heat pumps, batteries for electric vehicles, solar panels and electrolyzers for hydrogen.
In a statement accompanying its report, the IEA said its analysis showed that “the global market for key mass-manufactured clean energy technologies” would be worth roughly $650 billion per year by 2030, a more than three-fold increase from today’s levels.
There is a caveat to the Paris-based organization’s forecast, in that it’s based on countries around the world implementing, in full, pledges related to energy and the climate — a significant task that will require both political will and financial muscle.
“The related clean energy manufacturing jobs would more than double from 6 million today to nearly 14 million by 2030,” the IEA said, “and further rapid industrial and employment growth is expected in the following decades as transitions progress.”
Despite the above, the IEA noted there were potential headwinds related to supply chains, a long-standing issue that heightened geopolitical tensions and the coronavirus pandemic have thrown into sharp relief in recent years.
Its report highlighted “potentially risky levels of concentration in clean energy supply chains — both for the manufacturing of technologies and the materials on which they rely.”
China, it said, was dominating both the production and trade of “most clean energy technologies.”
When it came to mass-manufactured technologies such as batteries, solar panels, wind, heat pumps and electrolyzers, the IEA said the three biggest producer countries represented “at least 70% of manufacturing capacity for each technology — with China dominant in all of them.”
“Meanwhile, a great deal of the mining for critical minerals is concentrated in a small number of countries,” it added.
“For example, the Democratic Republic of Congo produces over 70% of the world’s cobalt, and just three countries — Australia, Chile and China — account for more than 90% of global lithium production.”
Commenting on the report, IEA Executive Director Fatih Birol said the planet “would benefit from more diversified clean technology supply chains.”
“As we have seen with Europe’s reliance on Russian gas, when you depend too much on one company, one country or one trade route — you risk paying a heavy price if there is disruption,” he added.
This is not the first time Birol has spoken about the geopolitical dimension of the world’s shift to a future centered around lower-carbon technologies.
In October, Birol told CNBC that the main driver of clean energy investment was energy security rather than climate change.
Namechecking the Inflation Reduction Act in the U.S. and other packages in Europe, Japan and China, Birol said a “major increase in clean energy investment, about [a] 50% increase,” was being seen.
“Today it’s about 1.3 trillion U.S. dollars and it will go up to about 2 trillion U.S. dollars,” Birol told CNBC’s Julianna Tatelbaum.
“And as a result, we are going to see clean energy, electric cars, solar, hydrogen, nuclear power, slowly but surely, replacing fossil fuels.”
“And why do governments do that? Because of climate change, because of the greenness of the issues? Not at all. The main reason here is energy security.”
Birol went on to describe energy security as being “the biggest driver of renewable energies.” He also acknowledged the importance of other factors, including those related to the climate.
“Energy security concerns, climate commitments … industrial policies — the three of them coming together is a very powerful combination,” he said.
Mammoth Solar, a 1.3 gigawatt (GW) solar farm in northern Indiana, is now powering into its biggest construction phase yet, cementing its place as one of the largest solar projects in the US.
The solar farm is set to increase Indiana’s solar capacity by more than 20% once it’s fully online. And with construction ramping up this month, developer Doral Renewables has given Bechtel Full Notice to Proceed on the design, engineering, and construction of three major phases of the project: Mammoth South, Mammoth Central I, and Mammoth Central II. Together, these phases will generate 900 MW of clean energy.
That’s enough electricity to power around 200,000 homes with clean energy, helping Indiana shift away from fossil fuels while boosting the local economy.
Construction is already underway, and over the next two years, Bechtel will install around 2 million solar panels, with about half of them made in the US. The company is also handling all engineering, procurement, and construction work, using its digital project management tools and autonomous tech to keep everything on track.
At the peak of the buildout, Mammoth Solar is expected to create over 1,200 jobs, with at least 15% of those set aside for apprenticeships.
Bechtel says its success will hinge on strong collaboration with local trades and vendors. The company is working closely with craft professionals and is committed to being a reliable community partner throughout construction.
Once the solar farm is complete in 2027, Doral Renewables plans to roll out agrivoltaics across the site. That means livestock grazing and crop cultivation will happen right alongside energy production, giving farmers in the area a way to keep working their land while supporting clean energy development.
Read more: Solar adds more new capacity to the US grid in 2024 than any energy source in 20 years
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BYD is about to launch an even smaller EV, but this one’s a little different. It’s BYD’s first kei car. You know, those tiny vehicles that dominate Japan’s city streets? BYD’s mini EV was just spotted out in public, giving us our first real look at the upcoming kei car.
BYD’s first mini EV was spotted in public
Last week, rumors surfaced that BYD was developing its first kei car, which would compete with top-selling models from Nissan, Honda, Mitsubishi, and other Japanese brands.
Kei cars, or “K-Car,” as they are sometimes called, are a class of ultra-compact vehicles that cannot be longer than 3.4 meters (134″). To put that into perspective, BYD’s smallest EV currently, the Seagull (called the Dolphin Mini overseas), is 3,780 mm (148.8″) long.
The mini vehicles are ideal in Japan because they are so small, making it easy to get around tight city streets. They are also more affordable and efficient than larger vehicles.
BYD’s mini EV was spotted for the first time during a road test this week by IT Home (via CarNewsChina), revealing a familiar look. It has that boxy, compact look of a typical kei car with sliding side doors.
According to reports, BYD is developing a new platform for the model. It will reportedly include a 20 kWh battery, good for 180 km (112 miles) WLTC range. By using its in-house Blade LFP batteries, BYD is expected to have a cost advantage.
BYD’s upcoming mini EV is expected to start at around 2.5 million yen, or about $18,000. That’s about the same as the Nissan Sakura (2.59 million yen), Japan’s best-selling EV last year.
既出ですがBYDの日本向けEV軽自動車と言われているフロントとリアからのスパイショット。 pic.twitter.com/CcV5pihpWc
— 主夫まぬか (@syufumanuka) May 16, 2025
Last year, around 1.55 million kei cars were sold in Japan, accounting for roughly 40% of new vehicle sales. Honda’s N-Box was the top-selling kei car (EV or gas) for the third straight year.
As Nikkei reported, some are already calling BYD’s electric kei car “a huge threat.” A Suzuki dealer said, “Young people do not have a negative view of BYD. It would be a huge threat if the company launches cheap models in Japan.”
BYD already sells several electric cars in Japan, including the Atto 3 SUV, Dolphin, and Seal. Last month, the company launched the new Sealion 7 midsize electric SUV, starting at 4.95 million yen ($34,500).
Although Japan isn’t really an EV hot spot, with sales falling 33% in 2024 to just under 60,000 units, BYD sees an opportunity.
By making virtually every car component in-house, including batteries, BYD can offer EVs at such low prices while still making a profit. BYD’s cheapest and best-selling electric car, the Seagull, starts at under $10,000 (69,800 yuan) in China.
With new smart driving and charging tech rolling out, BYD’s electric cars are getting smarter and even more efficient.
Can BYD’s mini EV compete with Japanese brands? At the right price, it may have a chance. Check back soon for more on the upcoming kei car. We’ll keep you up to date with the latest.
Source: Sina, CarNewsChina
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Ford’s electric pickup truck is back at the top. The F-150 Lightning is once again the best-selling electric pickup in the US after overtaking the Tesla Cybertruck in the first quarter.
Ford’s F-150 Lightning is the best-selling electric pickup
After launching in 2023, Tesla’s Cybertruck quickly outpaced the Lightning to become America’s top-selling EV pickup last year.
Since Tesla doesn’t break down regional sales, registration data gives us our best estimate. The latest registration data from S&P Global Mobility (via Automotive News) shows that the F-150 Lightning retook the title in March and the first quarter of 2025.
Ford’s electric pickup notched 2,598 registrations in March, topping the Tesla Cybertruck with 2,170. In the first quarter, the F-150 Lightning remained ahead with 7,913 registrations, compared to the Cybertruck’s 7,126.
Although the Cybertruck was the fifth top-selling EV in the US last year, it didn’t even crack the top ten in March. It placed ninth through the first three months of 2025, behind the Volkswagen ID.4.
While Tesla and Ford remained the leaders in the electric pickup market, several new models are gaining momentum. According to the most recent numbers from Cox Automotive, GM sold 2,383 Chevy Silverado EVs and 1,249 GMC Sierra EV models in Q1. Meanwhile, Rivian sold 1,727 R1Ts during the quarter.
Earlier today, Electrek reported that new models, including the Honda Prologue and Chevy Blazer EV, helped drive EV registrations up 20% in the US in March.
Although the Lightning reclaimed the crown from Tesla, Ford’s electric pickup isn’t exactly flying off the lot. Ford reported Lightning sales fell 16% to just 1,740 units in April. Through April 2025, Ford has sold 8,927 electric trucks, down 9% from the 9,833 it handed over last year.
Electrek’s Take
To be fair, Tesla is still ahead by a wide margin in the US. The S&P numbers show Tesla had over 51,000 registrations in March, up 1% after two months of lower YOY growth.
GM’s Chevy surpassed Ford to become the second-best-selling EV brand with nearly 8,500 registrations, an increase of 274% from last year. Ford dropped to third with 7,361 registrations.
Although it’s just one quarter, it’s starting to show how Tesla CEO Elon Musk’s political antics are likely impacting sales. After the Cybertruck’s initial hype, it appears many buyers are opting for traditional pickups, like the F-150 Lighting.
Meanwhile, Ram is delaying its first electric pickup, the 1500 REV, again. Ram is pushing production back until summer 2027, saying it’s “extending the quality validation period.” The plug-in hybrid (PHEV) Ramcharger will also be delayed until the first quarter of 2026.
After pulling the Ramcharger ahead of the fully electric version last year, Stellantis blamed weak demand for EV pickups in the US.
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