US President Joe Biden looks at an electric car charger during a workforce training demonstration by labor unions and leading companies. US tax credits help boost electric car sales. Photo by Jim Lo Scalzo/UPI | License photo
April 26 (UPI) — The International Energy Agency said Wednesday that the share of electric cars on the road is expected to increase from 4% in 2020, helped in part by tax incentives. up to 18% this year.
“Electric vehicles are one of the driving forces in the rapidly emerging new global energy economy and are driving a historic transformation of the automotive industry worldwide,” said the IEA’s executive director. Fatih Birol.
The IEA said more than 10 million electric cars were sold last year, and by 2023 sales should reach 14 million. The agency called this pace “explosive”. Meanwhile, cars are just the “first wave” and buses and long-haul trucks will follow the latest trends.
General Motors, one of the so-called Big Three automakers, said Tuesday it would phase out the Chevy Volt sedan by 2024. In favor of the Silverado EV pickup. Meanwhile, Ford has set a target of more than $50 billion by 2026 for electric vehicles and battery components. 2 million will be produced
Data show that by 2050 Ford can emit carbon dioxide in its vehicles, operations and supply chain.
US automakers are helping make the country one of the biggest markets for electric vehicles, although China leads the way with 60% of all EV sales last year. The European Union and the United States are the second and third largest markets, respectively.
However, both the EU and US markets are boosted by generous tax credits for the purchase of a new electric car if many of the components are made in Western markets.
TEA Birol said that the latest trends in the sale of electric cars show that by 2030 at least five million barrels of oil will be avoided, a significant demand for fossil fuels.
“The internal combustion engine has been unrivaled for over a century, but electric cars are changing the status quo,” he said.