In 2021, 28% of all cars sold in Europe were EVs. Over half of Indias three-wheeler registrations in 2022 were electric, demonstrating their growing popularity due to government incentives and lower lifecycle costs compared with conventional models, especially in the context of higher fuel prices. In Norway, 75% of the cars sold last year were EVs. That includes the Tesla Cybertruck, Tesla Semi, Tesla Roadster and an autonomous robotaxi. It is expected that Teslas hold on the market will erode as more EV options hit and help grow the US market, but for now, the US EV market is still extremely dependent on Teslas production and deliveries. Tesla began with a nickel-based battery, which offers a longer distance, greater reliability, but costs the most. Free resources and infographics are also available for trial users. McKinsey Electric Vehicle Index: EV Market Trends & Sales | McKinsey This gave the company a market share of nearly 14%. Research Expert covering transportation and logistics. Reports and chatter over the prior week suggested Tesla would begin producing both later this year. IEA executive director Fatih Birol explained how a historic transformation of the car manufacturing industry worldwide is going to affect the global oil industry: The trends we are witnessing have significant implications for global oil demand. With the market growing, Tesla is still rapidly growing. 2:07 PM ET Licence: CC BY 4.0; Photo: Tesla. The rate of growth will depend on our equipment capacity, operational efficiency and the capacity and stability of the supply chain. In India, EV and component manufacturing is ramping up, supported by the governments USD3.2billion incentive programme that has attracted investments totalling USD8.3billion. However, with improvements in technology, lower-priced models have been introduced and the barrier to entry is considerably lower. KEY MARKET INSIGHTS Listen to Audio Version The global electric vehicle market size was USD 246.70 billion in 2020 and is projected to grow from USD 287.36 billion in 2021 to USD 1,318.22 billion by 2028, growing at a CAGR of 24.3% in the 2021-2028 forecast period.

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