Electric vehicles charge the future.
The past few years have seen unprecedented growth in the electric vehicle (EV) market. Increased environmental concern – bolstered by President Biden’s Sustainable Infrastructure Plan – and the surge of available charging stations has resulted in more consumers adopting EVs as an alternative to carbon fuel emission vehicles.
A 2018 McKinsey report predicted that there would be as many as 400 varieties of EV on the market by 2023, indicating a dramatic global push towards a sustainable automotive future. As we round the corner towards the New Year, Morning Consult reports that the U.S. alone stands on the precipice of 125 projected models by EOY 2023. With over a quarter of the McKinsey report’s 400-strong forecast available in one country, how is the rest of the world contributing to the EV surge?
Countries everywhere are augmenting their charging infrastructure to accommodate the growth of the EV market. By 2030, Germany is planning for up to 10 million EVs to be on its roads, and California alone is preparing for 5 million. Canada is aiming for 100% of new car sales to be zero-emission vehicles by 2040.
Despite reducing subsidies for EV purchases by 30% in 2022, sales in China are expected to surpass 5.5 million by the end of 2022, according to a report by InsideEVs. Factoring in the sale of commercial vehicles like buses and vans, the estimate jumps to 6 million. Despite China’s decision to eliminate EV purchase subsidies in 2023, the health of their EV market shows no signs of decline.
2023 is poised to be the biggest ‘boom year’ for EV adoption yet; according to this comprehensive TopElectricSUV guide, more than 40 new EV models are poised to debut.
Wealth of options
EV industry titan Tesla has become the world’s most valuable car company in the world by market capitalization, currently closing in on $290 billion. The astounding figure, published in a report by Protocol, also notes that new EV maker Rivian has raised $6 billion, while Lucid Motors has raised $1.15 billion.
The automakers represent a paradigm shift in the popularity of companies associated with manufacturing the vehicles we drive; for decades, names like Ford and Chevrolet have dominated the industry. The surging presence of new competitors, backed by contributions from stalwarts such as Audi, Mercedes Benz and GM, see 2023 poised to become the strongest year for EV sales to date.
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