Global EV sales accelerating, but government help needed: IEA – Times of India

Global EV sales accelerating, but government help needed: IEA – Times of India [ad_1]

LONDON: Global electrical car (EV) sales picked up velocity within the first quarter, but extra government motion is required on charging stations and fossil-gas car bans to maintain the momentum going, the International Energy Agency (IEA) stated on Thursday.
“We still see no sign of a slowdown in global electric car markets,” stated Timur Gül, head of the IEA’s vitality expertise coverage division, in a presentation on the worldwide outlook for EVs.
While the COVID-19 pandemic drove international automotive sales down 16% in 2020, EV sales jumped 41% to round 3 million automobiles.
First quarter international EV sales soared 140% to 1.1 million automobiles, with sturdy development in China, Europe and the United States, the IEA stated.
A Munich Mobility Show examine launched final week confirmed big disparities in international EV possession, with only a few electrified automobiles on the roads in massive markets like Russia, South America and Africa.
EV sales development in Europe and China has been fueled by tightening CO2 emissions requirements and government subsidies.
Globally, customers spent round $120 billion on EVs in 2020, whereas governments forked out round $13 billion in subsidies, or equal to round 10% of complete spending, down from 20% of complete spending in 2015.
That will fall additional as battery costs drop and EVs attain price parity with fossil-gas automobiles, which IEA vitality analyst Jacopo Tattini stated ought to occur by 2030.
“But policies must be strengthened to enable a larger electric vehicle deployment,” Tattini stated.
He stated governments must additional tighten gas financial system requirements and be part of the 20 or so nations which have already introduced plans to ban on sales of new fossil-gas automobiles – such because the United Kingdom, which has introduced a ban from 2030.
Governments additionally must sustain spending on charging infrastructure, Tattini stated. Carmakers and environmental teams say extra spending on EV chargers is required to foster shopper confidence within the expertise and assist sales.

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