Electric buses and trucks to follow soon
The International Energy Agency executive director Fatih Birol said of the figures:
“Electric vehicles are one of the driving forces in the new global energy economy that is rapidly emerging – and they are bringing about a historic transformation of the car manufacturing industry worldwide.
“The trends we are witnessing have significant implications for global oil demand. 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 5 million barrels a day of oil. Cars are just the first wave: electric buses and trucks will follow soon.”
Good morning
China is leading a boom in sales of electric cars, according to new figures out this morning. The International Energy Agency revealed that around 10 million electric vehicles had been sold worldwide in 2022, of which 60pc were in China.
The IEA ranked the UK fifth in electric car takeup as a percentage of sales with 23pc opting for electric, following Norway at 88pc, Sweden at 54pc, the Netherlands at 35pc and Germany at 31pc. In volume terms, the UK is second only to Germany - the two nations are the biggest car buyers in Europe.
5 things to start your day
1) Tax raid costs Britain more than £3bn as tourists flock to France | Rivals are 'eating Britain's lunch' as visitor spending lags far behind rest of Europe
2) People need to accept they are poorer, says Bank of England | Unwillingness to recognise Britain’s decline is fuelling inflation, says Huw Pill
3) Scramble to stabilise US lender First Republic after shares plunge | Shares in the ailing lender almost halved amid fears over a flight by depositors
4) Google beats tech downturn after mass lay-offs | The new race for AI chatbots also boosted rival Microsoft
5) JP Morgan using me as ‘public relations shield’ in Epstein case, says Jes Staley | Recent court filing asks judge to dismiss the lawsuit against former Barclays boss
What happened overnight
Wall Street stocks plummeted as First Republic Bank's share price almost halved amid fears over a flight by depositors.
Investors have been eyeing the performance of regional lenders since the dramatic failures of Silicon Valley Bank and Signature Bank last month, which sparked fears of contagion.
The Dow Jones Industrial Average slumped 1pc to 33,530.83, while the broad-based S&P 500 fell 1.6pc to 4,071.63. The tech-heavy Nasdaq Composite Index plunged 2pc to 11,799.16.
In the bond market, the benchmark yield on the 10-year Treasury fell to 3.39pc from 3.50pc late Monday.
The policy sensitive two-year yield fell to 3.95pc from 4.11pc.