The electric vehicle (EV) industry has witnessed sustained demand in 2022 amid rising fuel prices. According to the International Energy Agency (IEA), it is “expected to see another all-time high for electric vehicle sales, lifting them to 13% of total light-duty vehicle sales globally.” EV sales came to 2 million in the first quarter of 2022, up 75% from the prior-year period.
However, the industry has been grappling with lingering issues such as supply chain and logistic constraints, strict government regulations, and sky-high inflation. Moreover, the semiconductor shortage is holding the industry back as it prevents automakers from meeting pent-up demand for electric vehicles.
