As we look ahead to 2023 and beyond, one thing is certain: the global impact of the transition to electric vehicles (EVs) will be far-reaching.
The EV expansion will affect Automotive manufacturing, metals and mining, oil and gas, utilities, and battery technology developers. As a result, they have a vested interest in determining the pace at which EV growth will realistically occur in the U.S. and abroad.
EV sales accounted for 5.6% of the total auto market share in the second quarter of 2022, up from 2.7% in the second quarter of 2021. Despite EV sales doubling year over year, numerous factors influence the rate of EV growth.
Source North America, a fueling equipment distributor serving retail petroleum marketers, is monitoring the EV transition closely. The company recently published an article recapping the plans many traditional automakers have announced for ramping up EV production.
The article, which indicates “the imminent death of the internal combustion engine (ICE) has been greatly exaggerated,” also references a report by the Fuels Institute, a non-advocacy research organization dedicated to studying transportation energy. The report suggests the public underestimates automakers’ enduring commitment to the ICE, which continues to be the subject of research efforts to lower its carbon footprint.
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