2 in 5 Cars Sold Worldwide Will Be EVs by 2030. US Drivers, You've Got Some Catching Up to Do

More than 40% of all cars sold worldwide will be electric vehicles by 2030 -- nearly double the market share last year -- thanks to increasing affordability of EVs, according to a recent report by the International Energy Agency. But the growth rate of EV sales in the United States is less than the global increase, with an increase of 10% in the past year. This is perhaps because, in the US, EVs cost 30% more than conventional vehicles on average, according to the IEA. The IEA report suggests that, despite economic uncertainties in the US and in global markets, EV sales will continue to surge as their price becomes more and more competitive with conventional vehicles. Two-thirds of all electric cars sold in China last year were priced lower than their gas-powered equivalents, according to the IEA report. According to American research and shopping website CarGurus, the average list price of a new EV in the US (excluding direct-to-consumer brands like Tesla and Rivian) is approxima ... Read full article.