More than 1 in 5 cars sold globally this year is expected to be electric, with surging demand projected over the next decade, says a new International Energy Agency (IEA) report.
Rising EV sales are set to remake the global auto industry and significantly reduce oil consumption for road transport, according to the new edition of the IEA’s annual Global EV Outlook, released today.
The latest IEA Outlook report asserts that global EV sales are set to remain “robust” in 2024, reaching around 17 million by the end of the year. In Q1, sales grew by about 25% year-over-year – similar to the growth rate seen in the same period a year earlier but from a larger base. The number of EVs sold globally in Q1 2024 is roughly equivalent to that in all of 2020.
In 2024, electric car sales in China are projected to jump to about 10 million, accounting for about 45% of all car sales in the country. In the US, roughly 1 in 9 cars sold are projected to be electric. In Europe, despite a generally weak outlook for passenger car sales and the phase-out of EV subsidies in some countries, EVs are still set to represent about 1 in 4 cars sold.
This growth builds on a record-breaking 2023. Last year, global electric car sales soared by 35% to almost 14 million. While demand remained largely concentrated in China, Europe, and the US, growth also picked up in some emerging markets such as Vietnam and Thailand, where electric cars accounted for 15% and 10%, respectively, of all cars sold.
IEA executive director Fatih Birol said:
The continued momentum behind electric cars is clear in our data, although it is stronger in some markets than others. Rather than tapering off, the global EV revolution appears to be gearing up for a new phase of growth.
The wave of investment in battery manufacturing suggests the EV supply chain is advancing to meet automakers’ ambitious plans for expansion. As a result, the share of EVs on the roads is expected to continue to climb rapidly. Based on today’s policy settings alone, almost 1 in 3 cars on the roads in China by 2030 is set to be electric, and almost 1 in 5 in both the United States and European Union.
This shift will have major ramifications for both the auto industry and the energy sector.
In China, more than 60% of electric cars sold in 2023 were already less expensive to buy than gas cars. In the US and Europe, the gas cars’ prices remained cheaper on average, though intensifying market competition and improving battery technologies are expected to reduce prices in the coming years. Growing electric car exports from Chinese automakers, which accounted for more than half of all electric car sales in 2023, could add to downward pressure on purchase prices.
According to the IEA’s report, ensuring that the availability of public charging keeps pace with EV sales is crucial for continued growth. The number of public charging points installed globally was up 40% in 2023 relative to 2022, and DC fast charger growth outpaced that of Level 1 and 2 chargers.
However, to meet a level of EV deployment in line with the pledges made by governments, the IEA says charging networks need to grow sixfold by 2035. At the same time, policy support and careful planning are essential to make sure greater demand for electricity from charging doesn’t overstretch grids.
If you’re an electric vehicle owner, charge up your car at home with rooftop solar panels. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing on solar, check outEnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get startedhere. –ad*
FTC: We use income earning auto affiliate links.More.
Tesla (TSLA) has introduced a new direct discount for the Model Y in China as the latest of a series of incentives to boost demand during this critical end-of-quarter push.
The automaker regularly offers discounts at the end of every quarter, but the incentives to boost demand have been the most wide-ranging ever this quarter.
Over the last month, we have been documenting the many sale incentives and discounts that Tesla has put in place to ensure it creates the demand for a record quarter.
Tesla aims to deliver a record number of more than 515,000 vehicles in Q4 in order for its sales not to be down for the whole year. That’s ~30,000 more vehicles than Tesla’s last record quarter, which was Q4 2023.
And everywhere, Tesla is heavily subsidizing loans with lower interest rates. That has been the main incentive in China, Tesla’s biggest market, until now.
Tesla’s New Discount in China
Today, Tesla announced that it is offering a ¥10,000, the equivalent of $1,380 USD, discount on the final payment for new Model Y vehicles:
The new discount can be combined with Tesla’s subsidized 0% interest financing, which has been Tesla’s main incentive in China all year.
Electrek’s Take
Based on insurance data, Tesla is tracking ahead of last year’s deliveries in China, but it is going to need to beat its last record by a significant margin to make sure not to be down for the whole year.
Model Y is Tesla’s most popular vehicle, but Tesla is also going against the expectation of the design refresh coming early next year, which can negatively affect demand.
This discount is likely to combat that and maintain Tesla’s current good momentum in China.
FTC: We use income earning auto affiliate links.More.
We now have more details on the massive recall, which just keeps growing. Hyundai and now Kia are recalling more than 208,000 electric vehicles in Canada and the US to fix a problem with the loss of driving power, which can increase the risk of a crash.
For the second time this year, the automakers are recalling huge swathes of EVs and other “electrified” vehicles in North America, citing concerns about a loss of driving power, the National Highway Traffic Safety Administration (NHTSA) said on Friday.
In the US, Hyundai is recalling 145,235 EVs, including the 2022 through 2024 Ioniq 5, the 2023 through 2025 Ioniq 6, GV60 and GV70, and the 2023 and 2024 G80. In Canada, Hyundai is recalling 34,529 vehicles that were produced between March and November of this year, according to Automotive News Canada.
As for Kia, the recall includes close to 63,000 Kia EV 6 vehicles from 2022 through 2024 in the US, but the company has yet to offer details on its Canada recall.
It looks like the issue stems from “the integrated charging control units in these vehicles, which may become damaged and fail to charge the 12-volt battery. This malfunction could lead to a complete loss of drive power, posing safety risks for drivers,” the NHTSA stated.
Back in March, Hyundai, Kia, and Genesis issued a similar recall for 147,110 electric vehicles – that recall centered, again, around damaged integrated charging control units failing to charge the battery.
The South Korea automaker has said that all owners of affected vehicles will be notified by letter mail on the next steps to take. This will involve bringing your vehicle to one of the company’s dealers to inspect and replace the charging unit and its fuse if necessary, along with performing a software update for the charging units.
Importantly, no crashes, injuries, fatalities, or fires due to this issue have been reported in the US or Canada, Hyundai reported.
If you’re an electric vehicle owner, charge up your car at home with rooftop solar panels. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing on solar, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links.More.
A group of Tesla vehicles spotted under covers at the automaker’s test track at the Fremont factory is raising some questions.
Tesla has a very small test track on the ground of its first factory, Tesla Fremont, in California.
Now and again, people fly drones over the factory and catch glimpses of new cars being tested. Youtuber ‘Met God in Wilderness’ is one of those drone pilots who regularly fly over the factory and while he didn’t catch vehicle being tested, he did catch some curious vehicles under covers next to the track:
The vehicles are all covered, and therefore, it’s hard to tell exactly what they are, but the different shapes are intriguing and raise some questions.
It looks like three, maybe four, different kinds of vehicles:
We know that Tesla is working on three new specific vehicles: a Model Y design refresh, and two new cheaper models based on Model 3 and Model Y.
All three vehicles are expected to be unveiled early next year.
Electrek’s Take
At the risk of stating the obvious, getting much information from vehicles hidden under cover can be hard. It’s even possible that some of those have shape camouflage, which is sometimes used by automakers – although I don’t remember Tesla ever using that.
So here are my best guesses. Take them for what they are: guesses.
The most interesting ones to me are the first two on the left in the picture above. The last vehicle on the left looks like it could be a smaller Model 3.: