Battery-powered electric vehicles (EVs) have seen rapid growth in recent years as new models began flooding the market and economies of scale allowed retail prices to fall. Consumer demand was initially led by early adopters and supported by incentives that brought the total cost of ownership (TCO) more in line with conventional gasoline or diesel vehicles.
With or without government support, EV sales remain on an upward track. Figures from the European Automobile Manufacturers' Association reveal that in the third quarter of 2021, EVs took a 9.8% share of new passenger car sales in the EU. In Q1 2021, EVs had held just a 5.7% share. Clearly, diesel and gasoline continue to dominate, but their lead is quickly eroding even amid global supply chain disruption. “Global EV sales accelerated, despite the pandemic, as the generous subsidies on offer plugged price gaps between clean and fossil-fuelled vehicles,” observes Nishita Aggarwal, a Research Analyst at The Economist Intelligence Unit (EIU).
As the industry looks to
