IEA gives upbeat EV outlook with China seen driving the market

PARIS — Almost one in three cars on the road in China and more than one in five in the U.S. and Europe will be electric by 2030, the International Energy Agency (IEA) forecast in a report released Tuesday.

This year alone, around 20% of cars — or 17 million units — sold worldwide will be electric vehicles, according to the intergovernmental body’s Global EV Outlook 2024 report. This comes on the back of a record year for EV manufacturers, which sold 14 million such vehicles in 2023, a rise of 35% from the previous year. EVs accounted for 18% of car sales worldwide in 2023, a rise of four percentage points over 2022.