Sales of electric cars also hit a record high this year

In 2022, more than 10 million electric cars will be sold worldwide and this year that number will increase by 35 percent to no less than 14 million. Those are not our words, but those of the International Energy Agency (IEA) in its annual Global Electric Vehicle Outlook. According to the IEA, roughly 14 percent of all cars sold last year were EVs. The IEA expects that percentage to increase to 18 percent this year.

“The rise of the electric car has huge implications for international oil demand. By 2030, electric cars will have reduced daily oil demand by at least 5 million barrels,” IEA Executive Director Faith Birol said in a statement. The IEA finds that EVs are mainly sold in China, Europe and the United States. The Chinese market is at the forefront of this. Roughly 60 percent of all electric cars sold worldwide roll off the showrooms in China. More than half of all electric cars on the road now drive in China. According to IEA, EV sales in Europe increased by 15 percent last year and in the United States by 55 percent.

Are there enough batteries for all those EVs? According to the IEA, yes. According to the IEA, the current and planned battery factories are ‘more than adequate’ at least until 2030. The IEA does say that China is by far king of battery production.