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Global initiatives led by Europe propel four continents past the critical point of adaptation in climate change response

Electric-powered vehicles have gained significant traction in 2023, as indicated by a study, with 31 nations across four continents representing over 5% of new passenger car sales through electric models. Notably, the top ten nations leading this trend are European countries.

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Continent-wide adaptation transition spearheaded by Europe in four different regions
Continent-wide adaptation transition spearheaded by Europe in four different regions

Global initiatives led by Europe propel four continents past the critical point of adaptation in climate change response

In the final quarter of 2023, the global electric vehicle (EV) market witnessed significant growth and milestones. Here's a breakdown of the key developments:

  • China, the world's largest EV market, saw over 1.8 million EV sales in Q4 2023, marking a remarkable stride in the mass adoption of battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). China surpassed the 5% threshold for all-electric vehicle sales as early as Q4 2020, and its market share reached an impressive 23.8% in Q4 2023.
  • The United States, while passing the 5% tipping point in Q4 2021, underperformed globally in Q4 2023, with slightly over 300,000 EV sales. The US EV market share stood at 8.1%. Despite this, analysts predict that if the US market maintains its growth trajectory, 25% of new cars sold in 2026 could be electric.
  • Norway, a global leader in EV adoption, boasted a staggering 79.6% EV market share in Q4 2023. Eastern European and Southeast Asian countries were the fastest-growing markets for all-electric vehicles for the first time in 2023.
  • Turkey crossed the 5% threshold for all-electric vehicle sales in Q3 2023, and Thailand surpassed the same threshold in Q1 2023, reaching 13% by Q4 2023.
  • A total of 31 countries across four continents made 5% or more of their new passenger car sales purely electric in 2023. This includes countries such as Iceland, Denmark, Sweden, Finland, Netherlands, Ireland, Belgium, Portugal, Switzerland, China, Austria, Israel, France, New Zealand, Germany, UK, Thailand, Turkey, Romania, Slovenia, Australia, Canada, Spain, US, Estonia, South Korea, Hungary, Bulgaria, Italy, Greece, and many more.
  • Investment setbacks and charging infrastructure issues remain significant obstacles in many countries, including the US and South Korea. However, the entrance of China's top BEV manufacturer, BYD, along with several Chinese manufacturers, has streamlined the production of both luxury and affordable EVs.
  • According to BloombergNEF, sales of BEVs and PHEVs are expected to increase by 22% this year, signalling a continued growth trend in the global EV market.

It's clear that the mass adoption of electric vehicles is underway, with more countries joining the trend every quarter. The future of the automotive industry looks increasingly electric.

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