EV Projections by International Energy Agency

According to the IEA, customers will continue to show interest in the EV market this year. Some figures...

The International Energy Agency (IEA) came out with its annual EV market survey, and its findings really brought the bulls rushing into related stocks.

According to the IEA's projections, worldwide sales of EVs will rise by 35% over the 2022 tally, setting yet another annual record. In pure number terms, 2023 sales should hit approximately 14 million units. 

EVs are expected to be far more popular than the traditional internal combustion models. As a result, their share of the total car market is anticipated to increase. It should hit 18% this year, topping the 14% of 2022 and far ahead of the 4% in 2020 -- hardly a long time ago.

The IEA feels that a dramatic and irreversible shift is taking place. It quoted its executive director Fatih Birol as saying that EVs "are one of the driving forces in the new global energy economy that is rapidly emerging – and they are bringing about a historic transformation of the car manufacturing industry worldwide."

https://www.fool.com/investing/2023/04/27/why-electric-vehicle-stocks-like-rivian-and-lucid/