EV Boom

Ibrahim Rayintakath

At this point we should not be surprised but the momentum is still stunning:

Electric Vehicles Keep Defying Almost Everyone’s Predictions

It is striking that in the same year that Tesla’s stock price dropped by about two-thirds, destroying more than $700 billion in market value, the global market for electric vehicles — which for so long the company seemed almost to embody — actually boomed.

Boom may not even adequately communicate what happened. Around the world, E.V. sales were projected to have grown 60 percent in 2022, according to a BloombergNEF report prepared ahead of the 2022 U.N. climate conference COP27, bringing total sales over 10 million.There are now almost 30 million electric vehicles on the road in total, up from just 10 million at the end of 2020. E.V. market share has also tripled since 2020.

The pandemic years can feel a bit like a vacuum, but there are almost three times as many E.V.s on the world’s roads now as there were when Covid vaccines were first approved, and what looked not that long ago like a climate pipe dream is now undeniably underway: a genuine transition away from fossil-fueled transportation. This week, the Biden administration released a blueprint toward a net zero transportation sector by 2050. It’s an ambitious goal, especially for such a car-intoxicated culture as ours. But it’s also one that, thanks to trends elsewhere in the world, is beginning to seem more and more plausible, at least on the E.V. front.

In Norway, electric vehicles now represent four out of every five new cars sold; the figure was just one in five as recently as 2016. In Germany, more than 55 percent of new cars registered in December were electric or hybrid. In China, where more electric vehicles are sold than everywhere else in the world combined, the rise is perhaps even more dramatic: from 3.5 percent of the market at the beginning of 2020 to 20.3 percent at the beginning of 2022. And growing, of course: Nearly twice as many electric vehicles were sold last year in China as in the year before. The country also exported $3.2 billion worth of E.V.s last November alone, more than double the exports of the previous November. Its largest single manufacturer, BYD, has surpassed Tesla for global market share — so perhaps it should not be so surprising that Tesla’s stock is dimming while the global outlook is so sunny…

Read the whole essay here.

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