Global sales of electric passenger cars will reach 2.5 million units in 2020

"By the end of 2020, there will be 10 million electric vehicles worldwide, up from just 1 million in 2015
.
This will be a remarkable milestone, but sales growth is slowing in some markets as direct purchase incentives are phased out," Bloomberg New Energy Finance revealed
in its latest report.

Global sales of electric passenger cars are expected to reach about 2.
5 million units in 2020, an increase of about 20%
over 2019.
In absolute terms, China will remain the largest market for electric vehicles, but by the end of the year, the gap between China and Europe will narrow considerably
.

China's new energy vehicle credit system will continue to experience a credit glut, which means that growth will come mainly from government and public sector purchases and cities
with combustion vehicle restrictions.
Note that the electrification of taxis, ride-sharing services and light commercial vehicles will get a bigger boost
.

Bloomberg expects annual sales of electric passenger cars in China to reach 1.
2 million units in 2020, making the country reach its goal
of 5 million electric vehicles by the end of the year.
Tesla's new factory in Shanghai will contribute about $150,000 to the company and pose a huge challenge
for China's homegrown electric vehicle startups.

2020 will be a breakthrough year
for electric vehicles in Europe.
Most automakers are on track to meet their 2020-2021 CO2 emissions
targets for their entire range of models.
European EV sales are expected to exceed 800,000 units in 2020, with VW, which is growing particularly strongly
, increasing production of the ID 3 in the second half of the year.

In 2020, EV sales in North America are likely to stabilize below
400,000 again.
With the exception of Tesla's upcoming Model Y, few new high-volume models entered the U.
S.
market
in 2020.
It's worth mentioning that the presidential election, if the Democrats win, will almost certainly follow stricter national fuel economy regulations
in 2021.
If Trump is re-elected, despite California's best efforts, U.
S.
EV growth is likely to continue to lag behind Europe and China, especially if automakers believe Trump's car efficiency standards can withstand a series of legal challenges
.

On top of that, 2020 will provide further evidence that sales of passenger cars with internal combustion engines may have exceeded their peak
.
Bloomberg expects the burning car market to decline
slightly again this year.