The demand for electric vehicles (EVs) has grown significantly over the past few years due to growing climate change concerns and favorable government policies. President Biden has set an ambitious target of 50% of all new car sales in the U.S. being electric vehicles by 2030. The $1 trillion infrastructure bill signed by the President on November 15 allocates $7.5 billion to accelerate the adoption of EVs and to build a nationwide network of charging stations.
According to a Deloitte report, EV sales are expected to grow more than 12-fold to 31.10 million vehicles by 2030.
