Just two years ago, the International Energy Agency predicted that electric cars would not reach a market share of 10% until 2030. However, those who bet on that prediction will be disappointed: electric cars first achieved in 2022, surpassing a significant milestone even as new vehicle sales declined. Despite trailing just under 6%, the LMC Automotive research group said EVs accounted for 19% of car sales in China and 11% in Europe last year, by The Wall Street Journal.
In addition, researchers revealed that sales of all-electric cars were up 68% year-over-year, but overall car sales fell 1%. LMC also noted that two-thirds of global EV sales were in China, where total vehicle sales rose 1% last year, offsetting an 8% decline in the US.
CBS reported that 80% of new cars sold in Norway are now electric. Twenty-five percent of new cars sold in Germany are electric, a number that is expected to rise sharply in the coming year.
Tesla is still the leading EV manufacturer globally, but Chinese competitors such as SAIC Motor are catching up fast, with Volkswagen hot on its heels.
Analysts doubt electric cars will repeat their performance in 2023 due to supply chain issues, rising electricity prices and the elimination of cash rebates in some countries. However, Ralf Brandstätter, head of Volkswagen’s China division, believes that electric cars will surpass traditional cars in the near future. Wall Street Journal that by 2022 “every fourth vehicle we sold in China was a plug-in, and this year it will be every third car.”
“We haven’t reached the tipping point yet,” he said, “but we expect to get there between 2025 and 2030.”
The industry is likely to flourish, but some are not selling, such as lawmakers in Wyoming, who recently introduced a bill that phased-out EVs in that state by 2035. The bill, designed to protect the oil and gas industry, died in committee – this time.
