Attracta Mooney and colleagues at the Financial Times reported that electric vehicle (EV) ownership has reached a “tipping point,” accounting for a quarter of global new car sales in 2025. While US demand has slowed, surging adoption in south-east Asia and Europe suggests a self-propelling market shift.
Analysis from investment bank UBS indicates that EVs are nearing “triple parity” with traditional vehicles across cost, range, and charging time. UBS analyst Patrick Hummel stated:
“Even in markets that have rather adverse politics or regulation against EVs, you’re not going to stop innovation at the end of the day.”
In the UK, EV sales reached a record 23 per cent share in March. However, Mike Hawes, chief executive of the Society of Motor Manufacturers and Traders, noted:
“We are getting close to 25 per cent [EV penetration in the UK] but that’s a forced market.”
The Exeter University research found that the global electric fleet is doubling every 1.5 years. Although penetration varies—98 per cent in Norway versus under 10 per cent in Spain—the trend is increasingly driven by modernization and a desire to reduce imported fuel reliance in emerging markets like Thailand and Brazil.
“Transport will be electrified . . . but it’s really a question of how fast. That’s not to say that it won’t still be a bumpy road,” said Euan Graham, electricity and data analyst at Ember.
Source: FT.com
