Despite macroeconomic challenges, demand for electric cars (EVs) remains high. According to reports, the U.S. EV industry will expand at a 25.4% CAGR from 2021 to 2028. However, supply chain concerns and insufficient charging infrastructure impeded the industry's growth.
On the other hand, rising economic worries are impacting consumer confidence. The Conference Board Consumer Confidence Index fell to 95.7 points in July from 98.4 in June, its lowest level since February 2021. This might eventually result in a decrease in aggregate demand.
