2019 was record year for electric car sales, IEA says

Source: By Josh Siegel, Washington Examiner • Posted: Monday, June 15, 2020

The world sold 2.1 million electric cars in 2019, topping the 2018 record — but the year-on-year growth was just 6%, much lower than the at least 30% year-on-year growth in EV sales since 2016, the International Energy Agency said in new research.

IEA attributes the slowdown in sales growth in part to an overall depression in car markets and consumers’ expectation that new EV models are on the horizon in the next few years. But policy also played a role, the IEA says, noting China cut its subsidies in half last year and tax credits in the U.S. expired for General Motors and Tesla. That alone significantly slashed Chinese electric cars sales in the second half of the year and reduced U.S. sales by 10%, the IEA says.

How EVs are faring in the pandemic: The IEA projects that electric cars sales will remain on par with 2019 levels, despite the overall passenger car market contracting 15%. China and Europe have doubled down on supportive EV policies, the IEA notes