Electric Car Sales Grew Over 50% in 2017

Electric Car Sales Grew Over 50% in 2017

Global electric vehicle (EV) sales rose by 54 percent in 2017, according to the International Energy Agency (IEA). The significant growth takes global EV stock across the three-million threshold, the Paris-based autonomous intergovernmental organization said.

China, which is the world's biggest EV market, saw a sales spurt of about half, but their market share was still small at 2.2 percent.

Norway has by far the world’s largest EV market share at 39.2 percent.

"Supportive policies and cost reductions are likely to lead to significant growth in the market uptake of (electric vehicles) in the outlook period to 2030," the IEA said, forecasting that "the number of electric light-duty vehicles on the road (would reach) 125 million by 2030" if policy members follow through their promised environmental commitments.

The European Union pledged to cut its greenhouse emissions by 40 percent compared to 1990 levels. France went a step further by announcing that it will no longer sell internal combustion engine vehicles by 2040.

"The main markets by volume (China) and sales share (Norway) have the strongest policy push. Looking ahead, the strongest current policy signals emanate from electric car mandates in China and California, as well as the European Union's recent proposal on carbon dioxide (CO2) emissions standards for 2030," the agency added.

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