Over the course of the last two years or so, sales of battery electric vehicles, while continuing to grow, have posted lower year-over-year percentage growth rates than they had in years prior. EV sales used to grow at 50%+ per year, but for the last couple years, they have grown closer to about 25% per year.
Instead of the perpetual 50% CAGR that had been optimistically expected, we have seen a global EV sales growth rate of 23% in the first 10 months of this year, according to a report released by Rho Motion (recently acquired by Benchmark Mineral Intelligence). That includes a +32% bump in Europe, +22% bump in China, +4% in North America, and a big +48% bump in the “rest of the world.”
Source: Electrek: Read The Article
PSR Analysis: Apart from correcting the false narrative, what is interesting is that while all the focus has been on EV volumes supposedly declining, in reality, it’s petrol powered vehicle volumes which are declining in real terms. PSR
Guy Youngs is Forecast and Technology Adoption Lead at Power Systems Research
