A staggering $330 billion is expected to be invested in the Electirc Vehicle supply chain over the next five years. CNBC reports that automakers are spending hundreds of billions on battery cell production to meet a rapid growing demand for EV.
While Tesla was the first automaker to gain widespread popularity for EV production, more mainstream automakers are announcing multibillion dollar EV initiatives, including General Motors, Ford, Toyota, and Volvo. There are also several startups exclusively focused on EV manufacturing, including Rivian, NIO, Byton, Piëch, and Faraday Future. By 2030, the EV market size is projected to value at $823 billion.
EV market stats are impressive, but other numbers are also driving EV sales for the average consumer.
Fuel savings: EVs are three to five times cheaper to drive over gas vehicles as the price of gas continues to skyrocket.
Cleaner air: EVs are cutting greenhouse gas emissions by 60% in the United States.
Maintenance and repair: EVs don’t have all of the equipment specific to internal combustion engines, so servicing the car is significantly lower—about half of what people pay for maintaining gas vehicles.
Tax credits: Both federal and California tax credits make electric vehicles even more affordable.
As more and more car makers and drivers make the shift to EV, it’s time to update your buildings with EV charging stations.