This is the current state of global electric vehicle adoption:
- Last year was the first year that global electric-vehicle sales reached 10% of all car sales — the total was around 7.8 million cars (see above chart)
- Fully-electric vehicles accounted for about 5.8% of all car sales in the US, 11% of all car sales in Europe, and about 19% of all car sales in China — China is leading in this department
- The US saw 807,180 fully-electric vehicle sales last year — Tesla remains the biggest EV maker in the world
- In Germany, electric vehicles accounted for about 25% of all new vehicles produced last year — BMW reported a 5% decline in new-car sales, but saw its EV sales more than 2x
- Similar story with Volkswagen: 7% decline in new-car sales; 26% increase in EV sales
- This year, some are predicting that China will see EV sales increase to every third car, and that it will reach its tipping point sometime between 2025-2030
It is obvious where all of this is heading. It is simply a question of how fast, and who will be the leaders at the end of the day.
All data sourced from the WSJ