| Electric vehicles could account for one in five cars sold this year, the International Energy Agency says, shrugging off perceptions of a slowdown.
In the first three months of 2024, EV sales were 25 per cent higher than a year ago, the IEA says, and are on track to hit 17 million this year. Chinese EV exports totalled more than 1.2 million last year, 80 per cent more than the previous year. The target markets were in Europe and the Asia-Pacific region, including Australia.
Even high tariffs and the threat from Brussels of anti-dumping actions have not stopped Chinese EV makers from out-competing the Europeans on price, the IEA says. This could prompt European and US carmakers to team up against the Chinese disruptors, the IEA says, or to take stakes in Chinese companies – as Stellantis has done at Leapmotor.
In the US, there was a 40 per cent increase in new EV registrations last year from a year earlier. This was a slower pace than previously, but the IEA expects new subsidies to propel further growth.
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