This year holds immense opportunities for the EV market as countries push to reduce carbon emissions on the path to net-zero by 2050. According to BloombergNEF, to achieve this target, 60% of new car sales worldwide must be electric by 2030. Although the current shortage of semiconductor chips is expected to impact the production of EVs in 2022, Gartner forecasts six million electric cars will be shipped this year, up from four million in 2021.
Last year, President Biden had set an ambitious target to make half of all new vehicles sold in 2030 zero-emissions vehicles. And this month, his administration unveiled its plan to award nearly $5 billion to build electric vehicle charging stations over five years, with a plan to deploy $615 million in 2022. In addition, President Biden and the U.S. Department of Energy intend to allocate $2.91 billion in support of EV battery manufacturing. These fundings should boost the overall EV industry.
