Global electric vehicle (EV) sales are set to rise by about 20% this year, reaching nearly 17 million vehicles. This growth is driven by declining costs, an increase in consumer options, and the expansion of charging infrastructure. Despite a slowdown in EV sales growth, the market continues to expand, with automakers planning to introduce more affordable models. In the US, companies are investing billions in EV manufacturing, but policy changes could impact consumer prices. The EU aims to reduce vehicle emissions by 15% from 2021 levels, pushing for a 28% share of battery-electric vehicles in total sales. China, the world’s largest EV market, is expected to see solid growth, with nearly 50 million EVs on its roads by year-end. However, trade barriers and economic conditions pose challenges for Chinese manufacturers.
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