Robert Besser
26 Jun 2022, 21:43 GMT+10
NEW YORK CITY, New York: Electric vehicle (EV) sales could reach 33 percent globally by 2028, and 54 percent by 2035, according to global consultant AlixPartners.
In 2021, EVs accounted for less than 8 percent of global sales, and just under 10 percent in the first quarter of 2022.
At its annual Global Automotive Outlook briefing, the firm said to support that demand, automakers and suppliers must now invest at least $526 billion in EVs and batteries between 2022 and 2026, more than double the five-year EV investment forecast of $234 billion from 2020-2024.
Mark Wakefield, co-leader of the firm's automotive practice, said those higher investments "have now made EV growth inevitable," adding that the industry still faces economic and supply chain challenges during the transition from internal combustion engine vehicles to EVs.
The transition will require "drastic changes to operating models, not just plants and people, but the whole way of working," he said, as reported by Reuters.
Raw materials for EVs also cost more than twice of those for conventional autos: $8,255 per vehicle vs $3,662 per vehicle, as of May 2022.
According to Elmer Kades, co-leader of automotive practices, the transition to electric vehicles will cost automakers and suppliers a cumulative $70 billion by 2030.
Total vehicle sales in the U.S. are expected to rise to 16 million in 2023 and peak at 17.5 million in 2024, before declining from 2025 to 2026.
Get a daily dose of Sri Lanka Source news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Sri Lanka Source.
More InformationNEW YORK, New York - U.S. stocks wavered on Thursday as strong economic data gave further impetus to the Fed ...
AUGUSTA, Maine: On April 12, the Maine Legislature passed a bill to join an interstate compact for social worker licensure ...
AUSTIN, Texas: Reuters reported this week that Tesla will make more than 10 percent of its global workforce redundant amid ...
WASHINGTON, D.C.: On April 13, U.S. Steel shareholders voted in favor of the company's proposed US$14.9 billion acquisition by Japan's ...
NEW YORK, New York - A downturn in Nvidia, and a continuation of Tuesday's sell-off following Fed Chairman Jerome Powell's ...
SAN FRANCISCO, California: Wells Fargo reported a seven percent decline in first-quarter profit, surpassing analysts' forecasts despite increased costs associated ...
BOISE, Idaho: Idaho authorities said that four people died when the vehicle they were traveling in collided with a train ...
DENVER, Colorado: On April 14, Colorado's Democratic-controlled House passed a bill by a vote of 35-27 banning the sale and ...
COLUMBIA, South Carolina: Federal prosecutors said that Christine Mary Livingston, supervisor in a South Carolina prison, accepted more than US$219,000 ...
Israel has established a new police force to stamp out peace activism in the West Bank. National Security Minister Itamar ...
WASHINGTON, D.C.: As Moscow's invasion into Ukraine has dragged on for more than two years, the U.S. and the UK ...
LOS ANGELES, California: Last week, the former interpreter of Japanese baseball star Shohei Ohtani was charged with bank fraud and ...