![]() The US has been languishing in a distant third place behind China and Europe for EV sales for some years. The expansion of local cell production will further support sales. However, all the major European producers are likely to start production of new EV models in their roadmap for the region, spurring greater demand. In Europe, we expect a mild recession in the first half of 2023 to place pressure on overall vehicle sales and effectively put EV sales at risk. Some new entrants will find it tough to remain in the business. However, the end of subsidies represents a make-or-break point for smaller producers. ![]() Other supporting measures – such as vehicle tax exemption – remain in place this year. ![]() The country reached its goal of 25% New Energy Vehicle penetration (a term used in China for plug-in EVs) three years ahead of the expected schedule, leading to the earlier-than-expected end of direct government support for buyers. The global EV market will reach new levels of maturity in 2023Ĭhina officially ended its decade-long incentives for electrified transport in 2022. Read on for an introduction – and fill in the form to get a complimentary copy of Electric vehicle & battery supply chain: 5 things to look for in 2023. So, can EV sales maintain their upward trajectory in 2023? Can the supply chain keep pace with growth? And what steps will governments take to boost the security and sustainability of the value chain?ĭrawing on insight from our Electric Vehicle and Battery Supply Chain Service, we’ve laid out our predictions for the year ahead. We are set for another interesting year as pressure builds to secure supply chains and develop next-generation technologies in a low-margin industry. Last year also saw the peak of soaring battery metal prices that began in the middle of 2021 – yet lithium, nickel and graphite saw upward pressure at the year’s end. However, sales rebounded with more than a million EVs sold in each of the final four months of the year. The war in Ukraine and Covid-related disruptions in China restricted EV production for several months in the first half of the year. The electric vehicle (EV) market went from strength to strength in 2022 – despite considerable supply chain challenges.
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