The electric vehicle (EV) market has seen significant growth over the past years, with electric car sales hitting 6.60 million in 2021, more than tripling their market share from two years earlier. However, production challenges stemming from lingering supply chain disruptions are taking a toll on the industry, making it difficult for EV makers to meet the high demand.
Despite solid demand, heavy investments, and federal support, the industry still struggles with chip shortages and a lack of battery manufacturing capacities. Additionally, lack of enough charging infrastructure, increased time to charge an EV compared to gas-fueled vehicles, and high initial costs could mar the industry’s growth.
