Electric vehicles from Tesla photographed in China. The world’s second largest economy is a major player when it comes to the sale of electric vehicles.
Vcg | Visual China Group | Getty Images
Electric car sales jumped to more than 10 million last year, with China accounting for roughly 60% of the market, according to a report from the International Energy Agency published Wednesday.
The record sales figures, contained within the IEA’s Global EV Outlook for 2023, continue a trend of sustained growth for the industry.
“Electric car sales — including battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) — exceeded 10 million last year, up 55% relative to 2021,” the IEA’s report said.
“This figure — 10 million EV sales worldwide — exceeds the total number of cars sold across the entire European Union (about 9.5 million vehicles) and is nearly half of the total number of cars sold in China in 2022,” it added.
The IEA defined “sales” within its report as being “an estimate of the number of new vehicles hitting the roads.”
In total, it said more than 26 million electric cars were on the world’s roads in 2022, which represents a 60% increase relative to 2021.
Plug-in hybrid electric vehicles, or PHEVs, have an internal combustion engine as well as a battery-powered electric motor.
Some regard them as an important tool in the transition toward low- and zero-emission forms of transport. Others, including organizations such as Greenpeace UK, take a dim view of them.
Read more about electric vehicles from CNBC Pro
Looking ahead, the Paris-based IEA — seen by many as an authoritative voice on the energy transition — said it was estimating worldwide sales to reach almost 14 million in 2023.
“This explosive growth means electric cars’ share of the overall car market has risen from around 4% in 2020 to 14% in 2022 and is set to increase further to 18% this year, based on the latest IEA projections,” a statement accompanying the report noted.
Chinese market dominant
The IEA described China as being “the frontrunner” when it came to electric car sales. It added that over 50% of electric cars on the road could now be found in the world’s second-largest economy.
“In Europe, the second largest market, electric car sales increased by over 15% in 2022, meaning that more than one in every five cars sold was electric,” the IEA said, adding that U.S. electric car sales had risen by 55% in 2022.
Read more about China from CNBC Pro
“Electric vehicles are one of the driving forces in the new global energy economy that is rapidly emerging – and they are bringing about a historic transformation of the car manufacturing industry worldwide,” Fatih Birol, the IEA’s executive director, said.
“The trends we are witnessing have significant implications for global oil demand,” he added.
“The internal combustion engine has gone unrivalled for over a century, but electric vehicles are changing the status quo.”
“By 2030, they will avoid the need for at least 5 million barrels a day of oil. Cars are just the first wave: electric buses and trucks will follow soon.”
Unlocking India’s potential
While China, Europe and the U.S. are big players when it comes to electric cars, the IEA noted that other parts of the world were also showing “promising signs.”
“Electric car sales are generally low outside the major markets, but 2022 was a growth year in India, Thailand and Indonesia,” it said. “Collectively, sales of electric cars in these countries more than tripled compared to 2021, reaching 80,000.”
India was seeing a “ramping up” of both EV and component manufacturing, Wednesday’s report said. This had been backed by a $3.2 billion incentive program from the Indian government, which had in turn led to $8.3 billion of investment.
Challenges ahead
The past few years have seen a number of large economies lay out plans to ramp up the number of EVs on their roads.
The U.K., for instance, wants to stop the sale of new diesel and gasoline cars and vans by 2030 and will require, from 2035, all new cars and vans to have zero tailpipe emissions.
The European Union, which the U.K. left on Jan. 31, 2020, is also looking to reduce emissions from road based transportation.
And over in the U.S., California — America’s most populous state — is banning the sale of new gasoline-powered vehicles by 2035.
While there is excitement about the potential of low- and zero-emission vehicles, the shift away from cars powered by fossil fuels won’t always be smooth.
There are concerns, for example, that the lower noise levels of EVs may pose a challenge to people with sight problems. In addition, talk of a skills gap is sparking discussions about cost and safety, while ensuring charging infrastructure is accessible to all is another area to watch.
Kia’s upcoming entry-level EV has finally made its way to the famous Nurburgring for testing. The EV4 hatch was spotted ripping across the track, nearly on two wheels at one point, as Kia preps for its big debut.
According to Kia, the EV4 is “an entirely new type of EV sedan. ” It was first unveiled last October during Kia’s first annual EV Day, alongside the EV3 and EV5 as part of its new low-cost lineup.
The EV5 launched in China last year, while the EV3 is already rolling out in Korea and Europe. Next up, we will finally see the production version of the EV4.
Although its four-door format suggests it’s a sedan, Kia said the EV4’s bold design is a symbol of the company’s innovation. Its low nose, long-tail silhouette, and added roof spoiler give it an almost racecar-like feel.
With its official debut approaching, Kia’s EV4 has been spotted out in the wild several times. Last week, it was caught testing in the US for the first time.
A hatchback model has also been spotted. It was first caught on European roads this summer and in the US earlier this month.
Kia EV4 hatch takes on the Nurburgring as debut looms
After the EV4 was spotted racing across the Nurburgring for the first time, we are getting our best look yet at the upcoming Kia model.
The video from CarSpyMedia shows the EV4 hatch carving up sections of the track. Several times, you can see the EV4 is being pushed to the limits, nearly going up on two wheels.
However, with a low center of gravity and likely added stabilization tech, the EV4 appears to handle it with ease. You can also see the difference between the sedan model and the hatchback, with the bulky backside.
As it takes on the track, it almost looks like the 576 hp EV6 GT, Kia’s fastest and most powerful car. At least for now.
Kia is expected to officially reveal the EV4 by the end of the year, with deliveries starting in 2025. Prices are expected to be in the $30,000 to $40,000 range. The hatchback model is likely aimed at Europe, but it could also find a market in the US as buyers drift toward more efficient options.
Ahead of the LA Auto Show later this week, Kia is teasing five new vehicles for the US, at least one being an EV. Will it be the EV4? EV3?
Source: CarSpyMedia
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Elon Musk is hinting at Tesla making bigger electric cars, but you shouldn’t hold your breath as it’s not the first time he said that.
In the last few hours, Musk responded to two fans on X, asking Tesla to build bigger vehicles to support larger families.
Musk often promotes the idea of having bigger families as he is afraid of declining populations due to low birth rates in some countries.
With the first one, the CEO responded with a simple “OK,” and with the other, he elaborated a bit more by referencing the recently unveiled Tesla Robovan and “some other things”:
Musk appears to be hinting at Tesla’s work on a bigger electric vehicle that has yet to be unveiled.
While interesting, it’s hard to give too much weight to the comment, considering Musk claimed that Tesla has been working on a higher passenger capacity vehicle for years.
A “high passenger-density urban transport” vehicle has been in Tesla’s official product roadmap since 2016 and has yet to be unveiled, unless you count the Robovan unveiled last month, but that’s completely attached to Tesla’s self-driving effort as the vehicle has no steering wheel or pedals.
As part of Tesla’s shift toward autonomous driving, the automaker has pulled back plans for several new electric vehicle programs in favor of those without any driver inputs, like Cybercab and Robotvan.
Tesla is expected to soon unveil two new vehicles to be launch next year, but those are based on the Model 3 and Model Y and therefore, they aren’t likely to be bigger vehicles.
Electrek’s Take
Like most things Elon says lately, it goes in my “I’ll believe it when I see it” folder.
That said, I think an electric van that can be configured for cargo, camper, or passenger, would make a ton of sense in Tesla’s vehicle lineup.
Of course, it’s harder to get the greenlight for a vehicle program like that if your CEO is perpetually convinced that the company is on the verge of achieving self-driving and making steering wheels obsolete.
I’m more of the opinion that Tesla should have played it more careful and continue working on growing its human-driveable EV lineup while working on self-driving.
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Penske Truck Leasing is rolling out rooftop solar on its US truck leasing, rental, and maintenance buildings, starting in Illinois.
Penske Truck Leasing, which offers an electric truck fleet leasing program, wants to cut emissions and save energy, so it’s activated its first rooftop solar system at its new facility in Channahon, Illinois (pictured). The 200 kW system is expected to generate about 80% of the building’s energy needs, and the rest will be supplied by the local utility.
The next Penske Truck Leasing rooftop solar system to come online will be in Grand Rapids, Michigan, “in the coming months,” followed by another in Linden, New Jersey, in 2025. All three of these new buildings are part of Penske’s LEED building program, which is designed to reduce energy use and promote sustainability.
Seven of Penske’s existing facilities in California will also get solar retrofits. These locations, which include Fresno, Hayward, La Mirada, National City, Riverside, San Diego, and San Leandro, are expected to generate about 600 kW of renewable energy in total.
Penske has teamed up with Sunrock Distributed Generation under a power purchase agreement to make the California upgrades happen. The company is also working with ForeFront Power, based in San Francisco, as its lead consultant for the solar rollout.
On average, these solar-powered Penske facilities will generate around 1 million kWh of renewable energy each year, preventing about 442 metric tons of CO2 emissions annually. That’s equivalent to the amount of energy needed to power nearly 90 homes for a year.
Drew Cullen, senior vice president of fuels and facility services at Penske, highlighted the significance of this move, noting:
Our solar program is an important piece of our renewable energy strategy, and ForeFront Power continues to be an outstanding partner in helping us bring these projects to fruition.
These investments will allow us to directly generate our own renewable energy to power our locations and continue to support our customers with sustainable solutions.
Penske Truck Leasing, part of Penske Transportation Solutions, is headquartered in Reading, Pennsylvania, and operates over 437,000 vehicles across North America, with nearly 1,000 maintenance facilities and more than 2,500 rental locations. Its investment in solar power is a key part of its broader sustainability strategy to cut emissions and reduce reliance on traditional energy sources.
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