Newly published figures in the International Energy Agency's annual Global Electric Vehicle Outlook show that in the first quarter of 2024, sales grew by about 25 percent compared with the same period last year.

The number of EVs sold globally in Q1 2024 is equivalent to that in all of 2020.

This came after a record-breaking 2023, with EV sales totaling about 14 million worldwide. While traditionally strong markets such as China and the United States have continued to perform well, emerging markets such as Thailand and Vietnam are also recording growth.

Based on current trends, it is estimated that by 2030, almost 1 in 3 cars in China will be electric, and 1 in 5 in both the US and the European Union, causing a significant fall in demand for petrol and a major reinvention of the automobile production industry.

Furthermore, if countries abide by their climate pledges and meet them on time, by 2035, two out of every three new cars sold would be electric.

The reduced need for petrol across all forms of road transport would see daily demand for oil reduced by about 12 million barrels per day, which is close to the current daily combined demand from road users in China and Europe.

"The continued momentum behind electric cars is clear in our data, although it is stronger in some markets than others," said IEA Executive Director Fatih Birol.

The increasing growth of Chinese EV exports, which accounted for more than half of all electric sales in 2023, combined with market competition and technical advances could help drive prices down.

Meanwhile, Tesla reported its lowest first-quarter profit since 2021, as it faces stiffer competition, especially from Chinese makers and slower worldwide sales. The company's net income of $1.1 billion for the January-to-March period was 55 percent lower than the previous year.

The company's earnings call was CEO Elon Musk's first formal audience with investors since initiating a restructuring that is expected to reduce the company's global workforce by more than 10 percent.

Tesla has confronted competition by cutting prices again in recent days. The move came after Tesla reported this month that its global vehicle deliveries in the first quarter fell for the first time in nearly four years.

The Wall Street Journal reported on Monday that Tesla is engaged in a "price war" in China with hybrid specialist Li Auto, undercutting each other as sales of electric and hybrid vehicles surpassed those of traditional cars for the first time.