The Electric Vehicle (EV) industry’s growth has been fueled by the increasing adoption of EVs, favorable government subsidies, and the rising prices of crude oil. According to BloombergNEF, annual spending on passenger EVs hit $388 billion in 2022, up 53% from the previous year.
Total electric vehicle sales in 2022 rose 66% year-over-year to 809,739. EV giant Tesla, Inc. (TSLA) sold 522,388 units in 2022. According to S&P Global Mobility, TSLA’s market share has declined from 70.5% in 2021 to 63.5%.
