Alabama NewsCenter — EV sales top $1 trillion in wake-up call for carmakers

By: Colin McKerracher / Bloomberg

Global spending on electric vehicles (EV) is surging. According to a new report published by BloombergNEF on investment in the energy transition, annual spending on passenger EVs hit $388 billion in 2022, up 53% from the year before.

With the 2022 tally included, the total value of EVs sold to date in the passenger vehicle segment has now crossed $1 trillion. There are a few ways to look at that figure. At the most basic level, if an automaker didn’t have a decent EV strategy, they missed out on their share of a trillion-dollar revenue opportunity over the last decade.

That sounds like a big number, but global auto sales are worth around $2.5 trillion a year. So, 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.

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