An Automotive Minute [S2|E43] EV Adoption with Stephanie Brinley
Electric vehicle production and platform announcements continue to pepper the landscape. EV development has been underway in earnest, and we are at the edges of an explosion in production as a result. IHS Markit forecasts EV global production could rise to 15% of total light-vehicle production in 2027, bringing a wave of new products.
With this next phase of EV maturation, development has been focused on vehicles that consumers want. At the same time, publicly available charging and infrastructure networks are improving. The combination of products aligned with consumer uses and demand, more choice and better infrastructure are essential to consumer adoption.
However, over the first three quarters of 2020, electric vehicle registrations accounted for only 1.58% of the US light-vehicle market, while the industry is ramping up to support a much higher share of market. Though growth in the coming years will be strong, we may also see near-term production increase faster than consumer demand.
I’m Stephanie Brinley and this has been an IHS Markit Minute.
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