Increasing Demand for EVs |
NEWS |
Consumers around the globe are buying Electric Vehicles (EVs) at a record pace, despite increasing prices and long delivery times. According to the Global EV Outlook, sales of EVs doubled in 2021 from the previous year to a new record of 6.6 million. In the United States, second quarter sales reached 196,788, growing 66.4% Year-over-Year (YoY).
However, persistent supply chain disruptions and shortages of various necessary components are pushing the market toward a tipping point where soaring EV demand will outpace supply. Chip shortages continue to plague EV manufacturers, as well as the declining supply of graphite, a primary component in EV production. The Benchmark Mineral Intelligence warns that these shortages will only grow throughout the next decade and will create problems in the transition away from polluting Internal Combustion Engine (ICE) vehicles.
Component Scarcity Looming for Manufacturers |
IMPACT |
Chip shortages have heavily impacted Tesla’s production with Chief Executive Officer (CEO) Elon Musk citing this as …
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