Sales of electric and hybrid cars are expected to reach a global record this year

Sales of electric and hybrid cars will register a new global record in 2024, despite slowing growth in some markets, according to forecasts from the International Energy Agency.

The Paris-based agency said 17 million battery electric vehicles and hybrid electric vehicles will be sold in 2024, up more than 20% from 2023.

Also that most electric cars will cost the same as petrol equivalents by 2030 as prices drop. Tesla cut prices over the weekend as it struggles to maintain its market share amid stiff competition from Chinese rivals such as BYD, its closest challenger as the world's biggest maker of battery electric cars.

Carmakers have complained that demand growth for electric cars is slowing, forcing them to offer price cuts to compete. While that could hurt some automakers, lower prices are also likely to speed up the transition.

According to the head of the Agency, the wave of investment in battery production suggests that the electric vehicle supply chain is progressing to meet the ambitious expansion plans of the automakers. As a result, the share of electric vehicles on the road is expected to continue to grow rapidly.

In the first quarter of 2024 there were more sales of electric and plug-in hybrids – which combine a petrol engine with a battery – than in all of 2020.

Hybrids still emit large amounts of carbon dioxide when in use, although some in the car industry argue that – if used properly – they are a necessary step in reducing emissions until public charging infrastructure is improved. Some countries have focused on encouraging the adoption of electric vehicles: four-fifths of all cars sold in Norway in 2023 were electric. However, policies vary widely, with China and richer European countries generally ahead of the rest of the world, including the US.