EV Market’s Surge Toward $57 Trillion Valuation
The electric vehicle land grab is reshaping economies and challenging political allegiances around the world.
The historic transition from the century-long era of the internal combustion engine to the electric vehicle age is creating flashpoints in surprising corners of the world economy. And it’s only just beginning.
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EV Market’s Surge Toward $57 Trillion Sparks Global Flashpoints
The electric vehicle land grab is reshaping economies and challenging political allegiances around the world, via Bloomberg#electric #vehicle #markets #green #esg pic.twitter.com/vzrRH95ZqO— The_Journalbiz (@the_journalbiz) November 8, 2023
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In Canada’s resource-rich “Ring of Fire,” green goals are colliding as permits to dig up EV minerals are slowed by concerns over environmental degradation. In Thailand—dubbed Asia’s Detroit—Japanese automakers are losing ground to Chinese companies. In Mexico, Western automakers are expanding fast to sell EVs across the northern border, but in the meantime Chinese firms are ramping up sales to local consumers.
China is the standout leader in the EV race with a more than 80% share of the world’s lithium-ion battery capacity and huge leads in most other critical components.
Playing catchup is the European Union, with its investigation into Beijing’s EV subsidies as surging sales of Made-in-China cars put millions of jobs at risk. Caught in the crossfire are smaller economies—some winning out as Chinese investment floods in, others benefitting from the IRA’s friend-sourcing rules and an equal measure losing ground as their car industries built for a bygone era face obsolescence.
