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Finance

EV sales to surge 35% in 2023

The demand for EVs is skyrocketing and sales are predicted to jump 35% this year.

The International Energy Agency‘s Global Electric Vehicle Outlook reveals that over ten million EVs were sold worldwide last year, and this year’s sales are predicted to reach 14 million, pushing EV share of the overall car market to almost one-fifth.

The IEA said this surge in electric car sales is part of a significant transformation of the global auto industry, with implications for the energy sector, especially oil.

By 2030, electrification is projected to eliminate the need for at least five million barrels of oil per day.

China, Europe, and the US are responsible for the majority of EV sales to date. However, other countries are starting to catch up, such as India, where sales of EVs tripled last year, and Indonesia and Thailand, where they doubled.

Analysts say there are positive knock-on effects of the increase in electric car sales for battery production and supply chains.

Battery manufacturing projects already announced would be more than enough to meet demand for EVs until 2030, according to the report.

However, the manufacturing of batteries and components remains highly concentrated, with China leading the battery and component trade and increasing its share of global electric car exports.


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