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.
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EVs, PHEVs, and hybrids made up 16.3% of total light-duty vehicle (LDV) sales in the US in 2023 – Tesla’s price cuts were a big reason.
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Following a production year riddled with supply chain constraints, chip shortages, and a war in Ukraine, German automakers BMW Group, Mercedes-Benz, and Volkswagen Group still saw significant growth in EV sales. Conversely, combustion vehicle sales continue to drop due to the reasons above, in addition to more and more drivers joining the green side.
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