The electric vehicle (EV) market broke records in 2021, with approximately 6.50 million new plug-in electric cars registered globally, which is about 108% higher than in 2020. However, despite the heavy investments and strong federal support, the industry’s growth trajectory seems to be challenged by several headwinds.
The lingering global chip shortage and the rising cost of crucial raw materials used in battery production are hampering the production targets. Additionally, the high upfront cost of EVs and lack of a solid charging infrastructure continue to deter those wanting to switch from combustion vehicles.
