The past couple of years have been great for the nascent electric vehicle (“EV”) sector. Despite the emergence of a global pandemic coupled with a financial downturn, 2020 saw consumers around the world buy and register 3 million EVs, a 41% improvement in electric vehicle sales from 2019. As 2021 rolled in, market enthusiasm for zero-emission vehicles grew even more as established automakers unveiled plans to electrify their vehicle lineups and the federal government passed resolutions that would increase the adoption of these vehicles.
President Joseph Biden based part of his campaign on electrification and clean energy, and as soon as he assumed office, he began efforts to electrify the country’s roads. Via a massive infrastructure bill, President Biden provided billions of dollars to expand America’s EV charging infrastructure to 500,000 public chargers. He also mandated that America’s federal fleet was to begin electrification through an executive order. With the federal government going all-in on electrification over the course of 2021, several EV startups and automakers have thrown their hats into the ring.
The result is that 2021 saw an influx of new electric vehicle models. Ford, for instance, introduced an electrified version of its bestselling F-150 pickup truck in May that soon nabbed around 200,000 reservations. Electric offerings from BMW, Audi, Hyundai and Jaguar were unveiled in 2021 as well. As the year draws to a close, we can surmise that 2022 will be just as noteworthy for the electric vehicle industry as the demand for zero-emission electric cars continues to increase, EV production accelerates, and customers have more options to choose from.
The demand for EVs has been high for the past couple of years. Despite being the largest EV maker in the world, Tesla has always struggled to keep up with market demand. But thanks to new manufacturing facilities in Berlin and Texas, the California-based electric vehicle company will be able to ramp up production and satisfy more orders. On top of that, we’re going to see plenty of new electric car models in 2022 as most established automakers and EV startups such as Kandi Technologies Group Inc. (NASDAQ: KNDI) plan on unveiling a variety of new electric models. In fact, Sam Abuelsamid, a principal research analyst at Guidehouse Insights, says that the number of electric vehicle models in the country will increase from around 20 to 40 by the end of 2022.
It will be much easier for customers to find an EV that aligns better with their budgets and lifestyles, he says, which can increase electric vehicle adoption. Stephanie Brinley, a principal automotive analyst at IHS Markit, says that ultimately electric vehicles have to meet consumer needs for the EV sector to be successful.
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