Title: Electric vehicles will grow from 3 million to 125 million by 2030: IEA
Headings: Electric vehicles will grow from 3 million to 125 million by 2030, International Energy Agency forecasts
Electric vehicles will grow from 3 million to 125 million by 2030, International Energy Agency forecasts
Key Points

Content: In China, credits and subsidies will help EVs grow to account for more than a quarter of the car market by 2030. Meanwhile, tightening emissions standards and high fuel taxes in Europe will boost the vehicles to 23 percent of the market. As for the United States, the IEA sees electric vehicle deployment growing at two speeds. While it sees “rapid market penetration” in places like California and other states with zero emissions plans, relatively low taxes on fuels and the Trump administration’s intentions to scale back vehicle emissions standards could hold back growth. China is already becoming a behemoth in the space. New electric car sales surged by 72 percent, or 580,000 units, in 2017, pushing total ownership over 1 million vehicles. The country is also driving growth in electric buses and two-wheeled vehicles, accounting for about 99 percent of the world’s stock of the fast-growing categories. VIDEO
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China leads the world in electric vehicle sales
Power Lunch
Still, Germany and Japan posted the biggest electric vehicle growth in 2017, with electric vehicle sales more than doubling from 2016. There are also regional differences when it comes to the type of electric vehicles consumers are gravitating towards. The IEA measured the strongest orientation to pure battery electric vehicles in China, France and the Netherlands.