Friday, December 3, 2021

Sale of Electric cars rise by 140 per cent in first quarter of 2021

The sale of Electric cars rose by 140 per cent in the first quarter of 2021, breaking last year’s record of 41 per cent surge on EV registrations despite pandemic hitting the economies badly. In 2020, consumer spending on EVs touched 120 billion dollars while car registrations rose by 41 per cent. International Energy Agency, IAE says, last year electric cars made up 4.6 per cent of overall car sales. People spent 50 per cent more than the previous year to buy a record three million electric cars. In 2020 the global average Battery Electric Vehicle (BEV) price was around 40,000 dollars and for plug-in hybrid electric vehicle it was 50,000 dollars.

For this year, IAE said in its Global EV Outlook report that China emerged as the biggest spender.

Around 500,000 electric vehicles were sold in China, the largest market for automobiles globally, followed by 450,000 across Europe.

Sales in the US also doubled compared to the same three-month period last year. However, the IAE said, the increase was from a relatively lower base.

The International Energy Agency thinks that the EV industry is on track for a decade of strong expansion. But IEA executive director, Fatih Birol says, electric vehicles have an indispensable role to play in reaching net-zero emissions worldwide. He said current sales trends are very encouraging, but our shared climate and energy goals calls for even faster market uptake.

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