Electric car sales continue to break records
August 8, 2022 at 12:42 am,
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As electric car sales continue to break records, supply chain considerations move to the fore
Batteries typically accounts for 30% to 40% of the value of an electric
vehicles (EV), and the race to net zero will focus attention on the
security of supply of the critical minerals and metals needed to
manufacture them.
Electric car sales continued to break records in 2021,
testing the resilience of battery supply chains
Few areas in the world of clean energy are as dynamic as EV
markets. In 2021, EV sales broke new records, with nearly 10% of
global car sales being electric, four times their market share in 2019.
Public and private spending on EVs doubled relative to 2020. More
and more countries have pledged to phase out ICEs or have
ambitious electrification targets. Five times more EV models were
available in 2021 relative to 2015, and most major carmakers are
announcing plans to further accelerate electrification of their fleets.
China accounted for half of the growth of the EV market in 2021. More
vehicles were sold in China in 2021 (3.3 million) than in the entire
world in 2020. Sales in Europe continued to grow robustly (up 65%
to 2.3 million) after the 2020 boom, and they increased in the United
States as well (to 630 000) after two years of decline. The first quarter
of 2022 showed similar sales trends.
Batteries typically accounts for 30% to 40% of the value of an electric
vehicles (EV), and the race to net zero will focus attention on the
security of supply of the critical minerals and metals needed to
manufacture them.
Electric car sales continued to break records in 2021,
testing the resilience of battery supply chains
Few areas in the world of clean energy are as dynamic as EV
markets. In 2021, EV sales broke new records, with nearly 10% of
global car sales being electric, four times their market share in 2019.
Public and private spending on EVs doubled relative to 2020. More
and more countries have pledged to phase out ICEs or have
ambitious electrification targets. Five times more EV models were
available in 2021 relative to 2015, and most major carmakers are
announcing plans to further accelerate electrification of their fleets.
China accounted for half of the growth of the EV market in 2021. More
vehicles were sold in China in 2021 (3.3 million) than in the entire
world in 2020. Sales in Europe continued to grow robustly (up 65%
to 2.3 million) after the 2020 boom, and they increased in the United
States as well (to 630 000) after two years of decline. The first quarter
of 2022 showed similar sales trends.
Source: Global Supply Chains of EV Batteries Report July 2022