Nearly one in five cars sold globally in 2023 will be electric, according to the International Energy Agency's outlook report
The agency raised its EV sales forecasts in part because of the U.S. Inflation Reduction Act, which supports green industry and subsidises consumers' purchase of electric vehicles , IEA executive director Fatih Birol said on a media call.
The country has also seen prices for some smaller EV models edging lower towards those of their combustion engine equivalents, said the IEA's energy technology policy head, Timar Guell. Electric car sales globally are expected to surge 35% this year to 14 million, the report said, comprising 18% of the passenger car market, up from just 4% in 2020.
Governments are investing in EV expansion out of concerns over the environment, to boost industrial policy and decrease dependency on oil, demand for which will fall by 5 million barrels a day by 2030 because of the EV transition, Birol said.
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