With global EV sales approaching 14 million cars in 2023 with a year-on-year growth rate of 35% it is clear that EVs are gaining acceptance rapidly.
Just as the EV revolution was gearing up to become consumer driven, there was an increase in raw material prices, semi-conductor shortages and recently a steep rise in electricity prices. At a time of energy crisis, are EVs still a game changer?
In 2021, China recorded the strongest growth in the EV market with around 3.2 million EVs sold. This was an increase of 2 million EV units compared to 2020 which was more than the combined increase of all other regions taken together.
Electrification of light-duty vehicles is trending in many parts of the world and is on track to become a consumer driven phenomenon but let’s not forget the heavy-duty vehicles such as trucks and buses.
Geothermal energy for electric power production has a low profile yet is significant in the current and potential energy mix for a number of countries. It has also been described as the most reliable of the renewable energy sources, above weather-dependent wind, solar and hydropower.