Sales of electric vehicles are booming and are expected to account for nearly one in five cars sold this year, according to a report released Wednesday.
The International Energy Agency (IEA) said the rapid electrification of road transportation will have big implications for the energy industry as it will eliminate the need for five million barrels of oil per day by the end of the decade.
World oil consumption averages just over 100 million barrels per day.
“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,” IEA Executive Director Fatih Birol said in a statement.
