Global EV sales surge; China dominates the market

A new report projects that electric vehicles will account for over 25% of all new car sales globally in 2025, with China leading the market. China's EV sales surged 40% in 2024, representing about half of all new cars sold in the country, and accounting for the majority of worldwide EV sales. The IEA report highlights China's decades-long investment as a key factor. The report also notes that while EV sales growth slowed in Europe and the U.S., the global trend is upward. Canada's EV market share is growing, but manufacturing lags.