Decarbonizing the transportation industry, in part through the wider adoption of EVs, will be key to reach the US’s net zero goal by 2050.

The EV industry is still relatively small, but has been experiencing rapid growth, with total U.S. sales, including PHEVs (Plug-in Hybrids) and BEVs (Battery Electric Vehicles), reaching ~1.1 million units in 2022 or 6.7% of total US car sales, up from only ~308,000 in 2020 and ~18,000 in 2011.

This growth is expected to continue and even accelerate going forward.