Electric car sales to rise but affordability in focus, IEA says

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Electric car sales will rise strongly in 2024 and increasingly undercut oil demand, the International Energy Agency forecast on Tuesday, adding affordability and charging infrastructure would be key to future growth.

Unsold 2023 electric ID.4 sports-utility vehicles sit at a Volkswagen dealership Sunday, March 17, 2024, in Denver. will rise strongly in 2024 and increasingly undercut oil demand, the International Energy Agency forecast on Tuesday, adding affordability and charging infrastructure would be key to future growth.

Sales in the first quarter of this year were up 25% on the same period last year. Though that rate is unchanged from the first quarter of 2023 versus the comparable period in 2022, it comes on top of a larger base of vehicles, the IEA said. Internal combustion cars remain more affordable than their electric equivalents in Europe and the United States, while in China nearly two-thirds of electric cars sold last year were cheaper than their traditional equivalents.

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