TL/DR –
Fasten your seatbelts because 2023 just turbo-charged the electric vehicle game! Sparking up nearly 14 million new electric rides, we’re cruising past old records and parking a grand total of 40 mil electric whips worldwide. But keep your eyes on the rearview, ’cause China is lapping us all with their affordable EVs – but it looks like the rest of us are set to catch up by 2030.
Electric Cars Rev Up in 2023: A Global Phenomenon
The year 2023 was a game-changer for electric vehicles, with a whopping 14 million new EVs hitting the streets globally. The 2023 edition of the Global EV Outlook (GEVO-2023) confirms this as a record-breaking feat, pushing the world’s EV tally to a stunning 40 million. Buckle up – we’re in for a cleaner, greener ride.
Year-on-year, electric car sales showed an impressive 35% growth, indicating an epochal shift. The pace of EV adoption was staggering – over 250,000 new registrations each week, dwarfing the total annual figures from ten years earlier. By 2023, EVs claimed 18% of global car sales, a profound uptick from 2% in 2018.
China, Europe, and the United States, the power players in this revolution, accounted for a whopping 95% of global electric car sales.
China’s Green Revolution: Affordable EVs Take the Wheel
China is the undisputed EV champion, clocking in 8.1 million new electric cars in 2023 (35% increase from the previous year). Price drops, paired with a surge in supporting infrastructure such as charging stations, are rapidly making EVs an affordable reality.
China’s local car manufacturers are also helping to democratize eco-friendly transportation. Nearly 50 affordable EV models are now on the market, many under $15,000. The Wuling Hongguang Mini EV, priced around $6,200, was a crowd favorite in 2022, while 2023 saw Tesla’s larger models gaining traction.
United States: Gearing Up for the EV Race
Electric car registrations in the US saw a 40% increase in 2023, driven by revised Clean Vehicle Tax Credit qualifications and price reductions among popular EV models. Even with stricter tax credit eligibility, the market is adapting and innovating.
2023-2024 saw Tesla’s Model 3 and the new Model Y launching at competitive prices, while Rivian announced plans for the R2 SUV 2026 at $45,000. However, smaller and cheaper electric models are still catching up, signaling that achieving price parity across all segments will take a bit more time.
Europe’s Electric Adventure: Diverse Pricing Trends
In 2023, nearly 3.2 million new EVs registered across Europe, with Germany leading the pack. Norway has achieved electric affordability with EVs cheaper than conventional cars across all segments. Germany, on the other hand, has a lower electric premium compared to other EU nations, while France still sees about a 40-50% electric premium.
In the UK, electric prices have started to decrease, but electric SUVs and smaller models still command a premium. Achieving price parity across all segments remains a challenge, but the trend towards electric cars shows no signs of stopping.
Original Story at www.environmentenergyleader.com
