Keep an eye on beaten-down electric vehicle stocks, like Tesla (TSLA).
All with EV demand set to accelerate.
According to the International Energy Agency, about a fifth of all cars will be electric this year. Sales are expected to grow by 35% globally to 14 million this year.
In the U.S. alone, total auto sales fell 8% year over year, according to Cox Automotive, as noted by Electrek.co. Meanwhile, EV sales were up 65%, surpassing 800,000 in volume for the first time. Then in the first quarter of 2023, EV sales broke another record, passing 250,000, and claiming more than 7% of total U.S. auto sales.
Now, we’re learning that EV sales jumped to more than 10 million in 2022, with China accounting for about 60% of the sales. All as global leaders race to put millions of EVs on the roads to battle climate change issues.
“Electric car sales — including battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) — exceeded 10 million last year, up 55% relative to 2021,” according to the IEA, as noted by CNBC. “This figure — 10 million EV sales worldwide — exceeds the total number of cars sold across the entire European Union (about 9.5 million vehicles) and is nearly half of the total number of cars sold in China in 2022.”
The agency sees 14 million EVs on the road this year.