The electric car revolution is on track, says IEA

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.

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.

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