The electric vehicle (EV) industry’s growth over the past few years has been driven by strong demand, favorable government policies and funding, and rising fuel prices. Last year, automakers sold 807,180 fully electric vehicles (EVs) in the U.S., up 3.2% year-over-year, according to year-end figures released by market research firm Motor Intelligence.
However, increasing borrowing costs and recessionary fears could constrain EV demand this year. Furthermore, the strict requirements for federal incentives, mounting concerns about raw materials for batteries, and high vehicle prices add to the headwinds for the industry.
