The demand for electric vehicles (EVs) is growing rapidly on increasing concerns surrounding climate change, rising oil prices, and the availability federal tax credits. New EV registrations soared 60% in the first three months of 2022. Also, the White House has set a goal of 50% of total vehicle sales to be electric vehicles by 2030.
This month the Biden administration announced that it would begin a $3.1 billion plan to boost domestic manufacturing of batteries to help the country shift from gas-powered cars to electric vehicles. The global electric vehicle market size is projected to grow at a 21.7% CAGR to 39,208units by 2030.
