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Race to riches

Picking the winners of the electric vehicle revolution
Race to riches

Global sales of electric vehicles (EVs) have slowly been taking off in recent years. While there were only around 17,000 electric cars on the world’s roads in 2010, this had swelled to more than 10m last year. Further momentum is likely to come as governments get more serious about tackling climate change. As they look to decarbonise road transportation, there has been a policy shift away from internal combustion engine (ICE) vehicles towards encouraging people to switch to EVs. For example, the UK brought forward its ban on the sale of new petrol and diesel cars to 2030, to help meet the country’s 2050 net zero emissions target.

Right now, global EV penetration remains low, accounting for just 4 per cent of new light vehicle sales last year. It was slightly higher in the UK at 6.6 per cent, although this was flattered by the Covid-induced slump in demand for petrol and diesel cars. Norway is currently the only country where sales of new EVs have overtaken those of conventional cars.

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