dealerscope

Electric Vehicles are becoming increasingly popular thanks to their ease of charging, lower carbon emissions and better fuel economy. While the global EV market was estimated to be worth $185 billion in 2021, that number is expected to grow to $980 billion by 2028. A report from market research company Facts and Factors estimated that the EV market will grow annually at a CAGR of around 24.5% over the forecast period of 2022-2028. That growth is likely to be spearheaded by companies like Chevy, Hyundai, GM and Tesla.  However, the potential growth of the EV market has also raised concerns over lithium-ion battery shortages. While that market is expected to reach $94.15 billion by 2025, it has recently been plagued by labor and raw material shortages, delays in the construction of gigafactories and increasing geopolitical tensions. Nearly all EVs are powered by lithium-ion batteries and the rise in their production is likely to put significant tension on the profit margins of both b...