The International Energy Agency has announced that global electric vehicle sales increased by 140% in the first quarter to 1.1 million vehicles, with strong growth in China, Europe, and the United States. The growth in sales in Europe and China was driven by stricter carbon dioxide emission standards and government support. Electric vehicle sales accelerated globally in the first quarter of the year, but more government action is needed regarding charging stations and the banning of fossil fuel-powered vehicles to maintain momentum, according to the agency.
Timur Gul, head of the agency’s energy technology policy division, stated during a presentation of global electric vehicle forecasts, "We do not yet see any signs of a slowdown in global electric vehicle markets." While the COVID-19 pandemic caused a 16% decline in overall vehicle sales in 2020, electric vehicle sales surged by 41% to nearly 3 million units.
Cost Parity
Consumers worldwide spent around $120 billion on electric vehicles in 2020, while governments spent approximately $13 billion on support, nearly 10%, down from 20% in 2015. Jacopo Tatini, an energy analyst at the agency, noted that support will also diminish as battery prices decrease and the costs of electric vehicles become comparable to those of fossil fuel-powered vehicles, likely occurring by 2030. He added that governments should continue tightening fuel economy standards and implementing existing measures to increase sales of non-emitting vehicles, alongside the gradual phasing out of fossil fuel vehicles. He also emphasized that governments need to continue investing in the necessary infrastructure for charging electric vehicle batteries.
