Electric vehicles are quickly becoming cheaper around the world as the future of transportation clearly appears to be electric.
While most car sales are still gas-powered models, EVs have reached an important milestone. In 2022, one in 10 new car sales around the world were EVs.
This 10% figure may not initially seem impressive, but considering how fast sales are increasing — EVs have tripled in market share since 2020 — the number is notable in many ways.
Across the world, over 7.8 million fully electric cars were purchased in 2022, about 68% more than were sold in 2021. And by the end of the decade, the percentage of new electric cars sold could be up to 40%, meaning it could take just seven years for the current figure to quadruple.
Even Darren Woods, the CEO of dirty energy giant Exxon Mobil told CNBC that by 2040, all new cars will be EVs.
This past year's growth came largely from China and Europe. In China, almost one in five new car sales were EVs, another figure that's predicted to skyrocket.
The U.S. is adopting EVs at a slower pace than Europe and China, only selling about 800,000 in 2022 (just 5.8% of all sales).
But with companies like Ford and Tesla slashing their EV prices, alongside new $7,500 tax credits to buy EVs, these cars should be increasingly affordable to many more Americans in the coming years.
These reasons are likely why EVs are projected to make up 14% of new car sales this year.
The world is rapidly electrifying its vehicle fleet, which is excellent news as these vehicles can greatly help our overheating planet. Ensuring the electricity that powers these EVs is clean and cheap will be critical to keeping our wallets full and our planet cool.
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