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This was largely caused by high sales growth of extended-range EVs (EREVs), popularised by BYD and Li Auto. This was calculated assuming normal scrappage rates. The market’s swing towards PHEVs, from 18.3% of all EVs sold in 2021 to 24.6% in 2022, continued last year. PHEVs accounted for 32.1% of EV registrations in 2023.
Assuming normal scrappage rates, EV Volumes forecasts it will take until 2042 for half the global fleet to be electric. This was largely caused by high sales growth of BYD PHEVs and Li Auto extended-range electric vehicle (EREV) SUVs. billion light vehicles on the road today. share of the EV mix in 2024.
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