Chinese EV maker Li Auto's cars inside a shopping mall in Beijing, China. Reuters
Chinese EV maker Li Auto's cars inside a shopping mall in Beijing, China. Reuters
Chinese EV maker Li Auto's cars inside a shopping mall in Beijing, China. Reuters
Chinese EV maker Li Auto's cars inside a shopping mall in Beijing, China. Reuters

Transition to EVs may not be ‘consistent', IEA says as sales slow


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The International Energy Agency expects global electric car sales to grow at a slower pace this year, while maintaining that the transition to electric vehicles (EVs) may not be consistent and will hinge on affordability.

Electric car sales are projected to increase by about 21 per cent to 17 million this year, down from the 35 per cent expansion recorded in 2023, the Paris-based agency said in its annual Global EV Outlook on Tuesday.

“The continued momentum behind electric cars is clear in our data, although it is stronger in some markets than others,” said Fatih Birol, IEA’s executive director.

“Rather than tapering off, the global EV revolution appears to be gearing up for a new phase of growth. The wave of investment in battery manufacturing suggests the EV supply chain is advancing to meet automakers’ ambitious plans for expansion,” Mr Birol said.

The IEA said that in the first quarter of this year electric car sales surged by about 25 per cent, similar to the growth rate seen in the same period in 2023.

The report comes as car manufacturers and suppliers grapple with a global downturn that has resulted in bankruptcies, cancelled initial public offerings, and reduced production.

The rapid investment in production capacity and technological advancements has surpassed the current demand for electric vehicles, prompting the need for companies to reduce expenses.

This month, Tesla said it planned to reduce its global workforce by more than 10 per cent amid declining sales and increased competition in the electric vehicle market.

The Texas-based company lost its crown as the world’s largest EV seller to China's BYD in the fourth quarter of 2023, despite reporting record quarterly sales.

  • The Geometry C is an electrified compact crossover hatchback from the Chinese car brand Geely. All photos: Gautam Sharma for The National
    The Geometry C is an electrified compact crossover hatchback from the Chinese car brand Geely. All photos: Gautam Sharma for The National
  • There’s a quality feel to the Geely’s cabin, with soft-touch materials used throughout
    There’s a quality feel to the Geely’s cabin, with soft-touch materials used throughout
  • The rear seats can easily accommodate two adults
    The rear seats can easily accommodate two adults
  • The infotainment system is straightforward, but requires scrolling through a couple of screens to change the temperature settings
    The infotainment system is straightforward, but requires scrolling through a couple of screens to change the temperature settings
  • Pricing in the UAE starts at Dh129,900 for the GS base model, and Dh149,000 for the fully loaded 70kWh GF
    Pricing in the UAE starts at Dh129,900 for the GS base model, and Dh149,000 for the fully loaded 70kWh GF

The IEA expects electric car sales in China to leap to about 10 million this year, accounting for about 45 per cent of all car sales in the country.

In the US, roughly one in nine cars sold are projected to be electric, while in Europe, despite a generally weak outlook for passenger car sales, electric cars are still on track to represent about one in four cars sold, the agency added.

Increased investment in EV infrastructure, continued policy backing, and dropping car and battery prices will drive major shifts in the future, the IEA said.

Under current policies, half of global car sales are projected to be electric by 2035, the report said.

However, if nations fulfil their energy and climate commitments, two thirds of car sales could be electric by the same year. This shift would spare up to 12 million barrels of oil per day, equivalent to the current road transport demand in China and Europe combined, it added.

“Manufacturers have taken major steps to deliver on the strengthening EV ambitions of governments, including by making significant financial commitments,” the IEA said.

“Thanks to high levels of investment over the past five years, the world’s capacity to produce batteries for EVs is well positioned to keep up with demand, even as it rises sharply over the next decade,” the agency added.

In China, more than 60 per cent of electric cars sold in 2023 were already less expensive to buy than conventional vehicles.

However, in Europe and the US, internal combustion engine cars still held a price advantage, the report said.

UAE currency: the story behind the money in your pockets
MATCH INFO

Real Madrid 2

Vinicius Junior (71') Mariano (90 2')

Barcelona 0

Brief scores:

Newcastle United 1

Perez 23'

Wolverhampton Rovers 2

Jota 17', Doherty 90' 4

Red cards: Yedlin 57'

Man of the Match: Diogo Jota (Wolves)

Company%20profile
%3Cp%3EName%3A%20Tabby%3Cbr%3EFounded%3A%20August%202019%3B%20platform%20went%20live%20in%20February%202020%3Cbr%3EFounder%2FCEO%3A%20Hosam%20Arab%2C%20co-founder%3A%20Daniil%20Barkalov%3Cbr%3EBased%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Payments%3Cbr%3ESize%3A%2040-50%20employees%3Cbr%3EStage%3A%20Series%20A%3Cbr%3EInvestors%3A%20Arbor%20Ventures%2C%20Mubadala%20Capital%2C%20Wamda%20Capital%2C%20STV%2C%20Raed%20Ventures%2C%20Global%20Founders%20Capital%2C%20JIMCO%2C%20Global%20Ventures%2C%20Venture%20Souq%2C%20Outliers%20VC%2C%20MSA%20Capital%2C%20HOF%20and%20AB%20Accelerator.%3Cbr%3E%3C%2Fp%3E%0A

Challenge Cup result:

1. UAE 3 faults
2. Ireland 9 faults
3. Brazil 11 faults
4. Spain 15 faults
5. Great Britain 17 faults
6. New Zealand 20 faults
7. Italy 26 faults

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

The lowdown

Badla

Rating: 2.5/5

Produced by: Red Chillies, Azure Entertainment 

Director: Sujoy Ghosh

Cast: Amitabh Bachchan, Taapsee Pannu, Amrita Singh, Tony Luke

MATCH DETAILS

Manchester United 3

Greenwood (21), Martial (33), Rashford (49)

Partizan Belgrade 0

Earth under attack: Cosmic impacts throughout history

4.5 billion years ago: Mars-sized object smashes into the newly-formed Earth, creating debris that coalesces to form the Moon

- 66 million years ago: 10km-wide asteroid crashes into the Gulf of Mexico, wiping out over 70 per cent of living species – including the dinosaurs.

50,000 years ago: 50m-wide iron meteor crashes in Arizona with the violence of 10 megatonne hydrogen bomb, creating the famous 1.2km-wide Barringer Crater

1490: Meteor storm over Shansi Province, north-east China when large stones “fell like rain”, reportedly leading to thousands of deaths.  

1908: 100-metre meteor from the Taurid Complex explodes near the Tunguska river in Siberia with the force of 1,000 Hiroshima-type bombs, devastating 2,000 square kilometres of forest.

1998: Comet Shoemaker-Levy 9 breaks apart and crashes into Jupiter in series of impacts that would have annihilated life on Earth.

-2013: 10,000-tonne meteor burns up over the southern Urals region of Russia, releasing a pressure blast and flash that left over 1600 people injured.

WITHIN%20SAND
%3Cp%3EDirector%3A%20Moe%20Alatawi%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Ra%E2%80%99ed%20Alshammari%2C%20Adwa%20Fahd%2C%20Muhand%20Alsaleh%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A
The specs

Engine: 1.6-litre 4-cyl turbo and dual electric motors

Power: 300hp at 6,000rpm

Torque: 520Nm at 1,500-3,000rpm

Transmission: 8-speed auto

Fuel consumption: 8.0L/100km

Price: from Dh199,900

On sale: now

Cinco in numbers

Dh3.7 million

The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown

46

The number, in kilograms, that Swarovski’s wedding gown weighed.

1,000

The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]

50

How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday

3,000

The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.

1.1 million

The number of followers that Michael Cinco’s Instagram account has garnered.

Bullet%20Train
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20David%20Leitch%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Brad%20Pitt%2C%20Aaron%20Taylor-Johnson%2C%20Brian%20Tyree%20Henry%2C%20Sandra%20Bullock%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
MATCH INFO

Liverpool 2 (Van Dijk 18', 24')

Brighton 1 (Dunk 79')

Red card: Alisson (Liverpool)

Scores

New Zealand 266 for 9 in 50 overs
Pakistan 219 all out in 47.2 overs 

New Zealand win by 47 runs

What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

The Settlers

Director: Louis Theroux

Starring: Daniella Weiss, Ari Abramowitz

Rating: 5/5

Updated: April 23, 2024, 5:00 AM