The International Energy Agency reported this week that as sales of electric vehicles skyrocketed to record levels last year, China dominated the picture.

Globally, sales of battery electric cars and plug-in hybrids exceeded ten million in 2022. 60% of those vehicles were sold in China, according to the latest edition of the International Energy Agency’s annual Global EV Outlook report. The report noted that more than 50% of electric cars currently on the road throughout the world are driving on Chinese roads.

Europe is the second largest market, with electric car sales jumping by more than 15% in 2022.

The third largest market was the United States, where electric car sales jumped 55% last year, as electric vehicles accounted for 8% of all car sales.

IEA data shows that the share of electric car sales has been growing at a steady pace over the last few years, going from 5% in 2020 to 14% last year.

Thanks to national initiatives and incentive programs designed to boost sales of EVs, as well as worries that OPEC+’s production cuts could trigger a return of the high prices for oil we saw last year, the IEA expects that trend to continue this year,

BYD, the Chinese automaker, and a rival of America’s global sector-leader Tesla, saw a 411% rise in its profits in the first quarter of 2023, according to data released by the Financial Times Friday. With Warren Buffet heavily invested in it, the net revenues reported by the carmaker in 2022 rose by 400% year over year. In China, BYD is responsible for 40% of all EV sales, while Tesla accounts for only 11%.