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Electric car sales break new records with momentum expected to continue through 2023

Electric car markets are seeing exponential growth as sales exceeded 10 million in 2022, according to the IEA’s latest Global EV Outlook 2023

A total of 14% of all new cars sold were electric in 2022, up from around 9% in 2021 and less than 5% in 2020.

And sales are expected to continue strongly through 2023. Over 2.3 million electric cars were sold in the first quarter of 2023, about 25% more than in the same period last year.

“Electric vehicles 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”

— IEA Executive Director Fatih Birol

The IEA currently expects 14 million in sales by the end of 2023, representing a 35% year-on-year increase with new purchases accelerating in the second half of this year. As a result, electric cars could account for 18% of total car sales across the full calendar year. 

Global electric car stock in selected regions 2010 2022 - The Oregon Group - Investment Insights

Our analysis on how soaring electric car sales are impacting global metals markets:

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The Oregon Group

The Oregon Group

The Oregon Group is an investment research team founded by independent capital markets experts, Anthony Milewski and Justin Cochrane.

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