Last year the U.S. auto industry posted its worst sales year in more than a decade as supply-chain snarls, severe chip crunch, and commodity inflation dented results for many automakers. According to the research firm Wards Intelligence, only 13.7 million vehicles were sold in 2022, marking an 8% decrease from 2021 and the lowest overall figure since 2011.
The sector’s downfall is evident from the Simplify Volt RoboCar Disruption and Tech ETF’s (VCAR) 55.1% decline over the past year. Moreover, among the barriers to electric vehicle (EV) adoption were the shortage of public fast-charging infrastructure, the rising cost of batteries due to key material shortages, and uncertainty over government subsidies.
