Still, a long way to go- For the booming “Electrical Car” market

Still, a long way to go- For the booming “Electrical Car” market

Sales of electric vehicles are at an all-time high and should reach one million units in 2023; yet, due to the high cost of batteries, purchasing an electric vehicle will continue to be considered a luxury buy. Concerns regarding the charging infrastructure are still prevalent among car buyers.

U.S. drivers bought a record number of electric vehicles and trucks in 2022, signaling double-digit growth in 2023 as manufacturers and startups release new models. High sticker costs, expensive batteries, and charging infrastructure problems may limit expansion, especially beyond California.

Cox Automotive predicts EV sales of 800,000 vehicles in 2022, more than 5% of the market. Plans for new models and production facilities, including tens of billions of dollars being put into new battery plants for GM, Ford, and Hyundai, imply the segment may increase by around 20% next year and approach 1 million units, reaching up to 8% of total U.S. volume, according to Cox. It’s a big number, but it means gasoline-powered cars will still dominate sales.

While there are supply chain constraints, issues related to semiconductors, battery charging infrastructure, and more, how do we plan to scale up and ramp up the EV theme? is the only question that time will answer soon.

Let’s wait and watch!!!

Read more on Forbes

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