it may end up is happening. For years, technologists have promised that the era of electric vehicles is coming. In the early 20th century (when electric vehicles briefly made up one-third of U.S. cars), in the 1970s (thanks to the natural gas crisis) and in the early 2000s (when two American engineers founded a company called Tesla Motors company), EVs are becoming mainstream.
Global annual sales of passenger electric vehicles hit a record 7.1 million by midway through 2022, according to research firm BloombergNEF. The company expects to sell 10.6 million vehicles by the end of the year — despite continued pressure on the auto supply chain, making it difficult to get appliances into dealer lots.
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According to BloombergNEF, 13% of global passenger car sales in the first half of 2022 will be pure electric, plug-in hybrid or fuel cell vehicles. Still, growth was uneven, with Germany (26%), the UK (24%) and China (23%) leading the way. Only 7 percent of passenger cars sold in the U.S. in the first half of this year were zero-emissions.
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what happened? On the one hand, the government’s efforts to combat climate change through progressive transport policies appear to be bearing fruit. Since 2020, Germany has offered car buyers up to 9,000 euros in incentives for choosing an electric car, and the scheme has been so effective that the government will reduce spending in 2023. ten years. The U.S. government this year passed a series of new programs that not only expand car-buying incentives, but also aim to support a more Americanized electric vehicle supply chain, from vehicle assembly to mining of rare minerals used in electric vehicles for batteries.
Automakers also ramped up production of various electronics. After years of limited electric options, more and more people are now able to find an EV that fits their needs, whether they’re a single girl for a weekend drive or a busy parent with a few kids and accessories. In the US, it produces a wide variety of new all-electric SUVs, including the Tesla Model Y and VW ID.4, trucks including the Ford F-150 Lightning and Rivian R1T, and vehicles including the Porsche Taycan and Ford Mustang Mach-E. Europeans favor small hatchbacks, including the Fiat 500 electric and Peugeot e-208, and even Chinese automakers aim to meet Europe’s high safety standards.
There’s reason to think the surge in EVs is here to stay. The world’s top automakers have pledged $1.2 trillion to produce 54 million electric vehicles by the end of the decade, according to a report. Reuters analyze. Governments have pledged billions of dollars to build charging infrastructure. Battery makers have committed billions of dollars in factory start-up costs.
This is all good news for the government, which has set an ambitious target of phasing out the sale of petrol cars by 2035. The European Union and the U.S. states of California, New York and Washington all formalized plans to do so this year. But despite the surge in EV sales now, the sheer number of cars could slow down the electric revolution.
For one thing, EV chargers aren’t widespread enough yet. Governments and the private sector need to create a global network of electric vehicle chargers that can serve not only passenger cars but also vans and truck fleets with the ubiquity of gas stations. On the other hand, the world’s supplies of battery minerals — lithium, nickel, cobalt, even graphite — are finite, and getting them out of the ground is dirty work. Is 2022 the Electric Tipping Point? This is a question that can only be answered after the fact.
