International Energy Agency pushes back after bad news about electric cars: “2024 will be a record year”

Sales of electric vehicles would slow down, it has been said several times in recent weeks. Now the International Energy Agency suddenly announces that 2024 will be another record year. It is a lot like the discussion whether the glass is half full or half empty.

Sales of electric cars will continue to grow strongly in 2024, is the common thread of a report on electric mobility that the International Energy Agency (IEA) released on Tuesday. It expects sales growth of 20 percent for the whole of 2024. According to the IEA, this means that a new record will be set with an estimated 17 million electric vehicles sold.

The IEA’s optimism about the progress of electric mobility contrasts sharply with the recent dire tidings about electric mobility. Consumers would shy away from the cost of an electric car, car manufacturers fear overcapacity and there would be large stocks of unsold cars everywhere. At the same time, Chinese companies are busy flooding the market worldwide with their offerings.

What is it really like now? It is a lot like the discussion whether the glass is half empty or half full. Because the IEA also points out that sales of electric vehicles in 2023 were much stronger at 35 percent than its expectations for this year. And the 170-page report points to many obstacles that could seriously slow down the advance of electric mobility in the coming years. This concerns the (inadequate) rollout of charging stations, the capricious subsidy policy of the governments, the volatile prices of battery raw materials and the evolution of the price tag of an electric car. But although growth is slowing, we are yet another record year richer.