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In a report Tuesday, the IEA projected that “surging demand” for EVs over the next decade was set “to remake the global auto industry and significantly reduce oil consumption for road transport.”

It expects half of all cars sold globally to be electric by 2035, up from more than one in five this year, provided charging infrastructure keeps pace. The IEA includes battery electric vehicles and plug-in hybrid vehicles in its definition of EVs.

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The Pros and Cons of Investing in Indian Bonds vs. Stocks Top Profit Generating Stocks ✌️【Part-Time Recruitment】✌️ Precise stock market trend analysis with expert insights into global markets, including stock indices, metals, and energy sectors. Leverage our data-driven predictions to maximize your returns. Recent negative headlines about slowing EV penetration are out of step with positive global trends, according to IEA executive director Fatih Birol. The data “does not at all show a reverse of the growth of electric cars. It shows an extremely robust increase of global electric car sales,” he told reporters Tuesday.

The Pros and Cons of Investing in Indian Bonds vs. Stocks Top Profit Generating Stocks ✌️【Part-Time Recruitment】✌️ Free stock data analysis tools to help you select stocks accurately and capture global market trends. Stay ahead with expert market predictions for better investment returns. The growth is not driven just by Chinese buyers. The number of new battery electric cars sold in the European Unionrosealmost 4% in the first quarter of this year compared with the same period in 2023, according to the European Automobile Manufacturers’ Association.

In a statement, Birol said: “Rather than tapering off, the global EV revolution appears to be gearing up for a new phase of growth.”

Despite the upbeat trends, EV makers are grappling with slimprofit margins, squeezed by price wars as competition heats.

In the past fewdays, Tesla and Chinese EV maker Li Auto have cut prices on major models in China, the world’s biggest EV market, with Tesla also cutting prices in Germany and the United States.

Earlier this month, Tesla posted itsfirst annual drop in salesin nearly four years. The company’s stock has plunged more than 40% so far this year. China’s BYD has also stumbled after it briefly surpassed Tesla as global market leader, with its sales falling to about 300,000 in the first quarter from more than 525,000 in the final three months of 2023.

The Pros and Cons of Investing in Indian Bonds vs. Stocks Top Profit Generating Stocks ✌️【Part-Time Recruitment】✌️ Real-time stock and futures data, backed by expert stock market trend predictions, to help you make timely and profitable investment decisions. Automakers may be hurting from the price cuts but they will be crucial to increasing the take-up of EVs around the world, according to the IEA, which emphasized that the “pace of the transition to EVs… will hinge on affordability.”

In China, more than 60% of EVs sold last year were less expensive than conventional cars, but in Europe and the United States the purchase price for new cars with internal combustion engines remains lower on average.

“Intensifying market competition and improving battery technologies are expected to reduce (EV)prices in the coming years,” the IEA said.

“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,” it added.

Last year, Chinese carmakers accounted for more than half of global electric car sales, compared with their 10% share of the conventional car market. “China is the de facto leader of electric car manufacturing around the world,” Birol said.

Concerns about soaring imports of Chinese EVs prompted the European Union to open aninvestigationlate last year into China’s state support for EV makers. The auto industry is a major employer in Europe and crucial to the region’s biggest economy, Germany, which is home to Volkswagen, Audi and BMW.

EV sales in China will account for almost 60% of the global total this year and about 45% of all car sales in the country.

By 2030, almost one in threecars on the roads in China is set to be electric, up from fewer than one in 10 last year,according to the IEA. That compares with its forecast for 17% in the United States and 18% in the European Union, compared with just over 2% and almost 4% respectively last year.

“This shift will have major ramifications for both the auto industry and the energy sector,” Birol said. The IEA sees global oil demand peaking in 2030, helped by the electrification of the transport sector.

In addition to affordability, another barrier to mass adoption of electric cars is a lack of public charging infrastructure in Europe and the United States.

Under current government policies, the number of public EV charging points worldwideis expected to reach 15 million by the end of the decade, a near-fourfold increase from last year, according to the IEA.

The Pros and Cons of Investing in Indian Bonds vs. Stocks Top Profit Generating Stocks ✌️【Part-Time Recruitment】✌️ AI-driven stock trend forecasting with free access to real-time market data, offering personalized investment advice and expert predictions. Most stock quote data provided by BATS. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. All times are ET. Factset: FactSet Research Systems Inc. All rights reserved. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and 【 - Free Market Sentiment Analysis 】. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Fair value provided by IndexArb.com. Market holidays and trading hours provided by Copp Clark Limited.

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