Electric vehicles (EVs) are moving into the fast lane. Globally, total consumer and government spending on them reached nearly US$280 billion last year with sales of fully electric and plug-in hybrids reaching a record 6.6 million, according to the International Energy Agency (IEA).
EVs accounted for nearly 10% of global car sales last year and there were an estimated 16.5 million on the road worldwide. In the first quarter of this year alone, another 2 million EVs were sold.
China is the centre of the boom with sales hitting 3.3 million in 2021, 16% of all domestic car sales. In Europe, meanwhile, EV sales rose nearly two thirds year-on-year to 2.3 million. Between them, China and Europe accounted for over 85% of global EV sales.