Abstract
Growth in electric vehicle (EV) adoption continues to accelerate and indicators suggest such growth will continue. Light‐duty EV sales in the United States rose by 66 percent in Q2 of 2022 over the same period in 2021, representing 5.3 percent of new sales in Q2 of 2022 vs. 2.7 percent in Q1 of 2021. EV sales in China and many European countries in 2021 represented more than a quarter of global new car sales. While the average upfront price of most light‐duty EVs is still higher than their gasoline equivalents, the fuel and maintenance savings often yield a lower total cost of ownership over a three‐to‐seven‐year period. Some analysts indicate that reaching 5 percent of sales is a key milestone in the transition to EVs, with many policy and market developments supporting this assertion.
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