All that doom and gloom about electric vehicles? Just an American problem.
The rest of the world is electrifying its car parks. China leads the charge with nearly 55% of new vehicles being electric. Latin America saw a 75% increase in sales, while Southeast Asia and Europe imported over half a million Chinese EVs.
In the US, EV market share remains stagnant at around 10%, held back by policy changes that ended tax credits for EV buyers and blocked Chinese automakers from entering the market. Legacy manufacturers can lean on more profitable fossil fuel vehicles in the short term but risk losing global market share as consumer tastes change.
Chinese automakers are driving this growth, with affordable imports contributing to rising sales in emerging markets. However, without further support or subsidies, it might not last.
