Let’s discuss electric vehicles, EVs. Electrically powered cars have been around since the early days of the automobile. However, in the past decade, several factors have made them more competitive with the industry-standard internal combustion engine. One of the main factors is the improvement in battery technology, including weight reduction, power and range enhancements, and cost reduction as manufacturers increase production. Globally, EV makers are projected to spend over $515 billion by 2030 to scale up production, market, and introduce new EV models.
The growth of the EV market is supported by government subsidies and social pressures, resulting in a significant impact. Globally, EVs accounted for 14% of the market share in 2022, more than triple the percentage in 2020. In terms of units sold, EV sales reached 10.5 million last year and are expected to reach 27 million by 2026. This expansion is…
2023-09-10 06:05:50
Post from finance.yahoo.com
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