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Global Electric Car Sales Top $1 Trillion

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Global Electric Car Sales Top $1 Trillion

According to a new report published by BloombergNEF, annual spending on passenger EVs hit $388 billion in 2022up 53% from the year before.

With the 2022 tally included, the total value of electric vehicles sold to date in the passenger vehicle segment has now crossed $1 trillion.

Over the last 10 years since EVs first showed up in the modern era, the value of total car sales has been roughly $25 trillion. In that context, the cumulative value of EV sales is relatively modest. Total profits from EVs also are much lower.

Growth of EVs. Source: BloombergNEF

Almost 60% of total EV spending occurred in just the last 18 months. This year will break records again, with passenger EV sales likely to comfortably exceed $500 billion.

Source: Technovagh

See also  Volkswagen Reveals its First Off-Road Electric SUV
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