The UK aims to phase out combustion engine-driven car sales by 2030, forcing manufacturers to invest in zero-emission vehicles.
Similar schemes internationally have led to an increase in the number of EV models available with over 500 models on the market last year, more than double the number available five years ago.
The IEA expects that 60 percent of sales in Europe, the US and China will be fully electric by 2030.
IEA executive director Fatih Birol said: “The internal combustion engine has gone unrivalled for over a century, but electric vehicles are changing the status quo. By 2030, they will avoid the need for at least 5mn barrels a day of oil.”
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The price of EVs in the used car market is now almost 10 percent cheaper than last year. Drivers are increasingly looking to swap to an EV due to the ever-changing fuel prices.
Luke Bosdet, the AA’s fuel price spokesperson said: “As the AA ramps up its tracking of electric vehicle charging costs, it is clear that ‘fuel’ costs of switching to an EV are becoming much more attractive, even with ultra-rapid charging on the open road.
“Increased demand for battery-powered electric vehicles in the used-car market is an increasingly strong indicator of take-up among private car owners.
“For many, tolerance of oil producers, road fuel markets, retailers and the length of time it has taken to force fairer competition at the pump has run out. There is an alternative, and drivers are opting out of petrol and diesel.”
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