EV sales tipped to hit new high

Global sales of electric vehicles (EVs) are on course to set a new record this year as demand rises despite their high price tag, according to new data from Stocklytics.com.

The company predicts that after modest growth of three per cent last year, the number of registrations for zero-emitters will climb to nearly 12 million in 2024.

It notes a new EV cost about US$52,800 (about NZ$86,400) last year, which was “much more” than internal combustion engine (ICE) vehicles, and prices are expected to be similar over the next 12 months.

“Their above-the-average price tags, slower sales growth, and growing inventories spooked carmakers last year, with some even reconsidering their EV plans,” says Stocklytics.com. 

“But despite these challenges, the global demand for EV continues to rise.”

A Statista survey shows annual global EV sales have tripled since 2020, rising from 3.1m to 10.64m. 

The year-on-year increases skyrocketed by 107 per cent  in 2021 and 55 per cent in 2022 before only nudging up three per cent last year.

Analysts predict annual EV sales growth will jump to 10 per cent in 2024 and keep accelerating in the following years. By 2028, the market is expected to sell more than 17m EVs worldwide.

China is tipped to account for 6.8m sales and 57 per cent of the EV market this year, with those figures climbing to 8.7m and 51 per cent respectively by 2028.