The electric vehicle revolution has accelerated beyond most predictions. Global EV sales exceeded 17 million units in 2024, representing over 20% of all new car sales—a dramatic shift from just 4% in 2020.
Falling Battery Costs
Lithium-ion battery pack prices have fallen below $100 per kilowatt-hour, a threshold long considered necessary for cost parity with internal combustion vehicles. Further cost reductions continue as manufacturing scales up globally.
Charging Infrastructure Growth
Public charging networks are expanding rapidly, with over 3 million public chargers installed worldwide. Fast charging technology now enables 80% charges in 20-30 minutes, addressing range anxiety concerns.
Automaker Commitments
Major automakers have committed hundreds of billions to electrification. Many have announced plans to phase out internal combustion engine sales entirely by 2030-2035 in key markets.
Environmental Benefits
EVs produce zero direct emissions and, even accounting for electricity generation, typically have 50-70% lower lifecycle emissions than conventional vehicles. As grids become cleaner, EV advantages grow.
Challenges Ahead
Battery supply chains, charging infrastructure gaps in rural areas, and grid capacity constraints remain challenges. However, momentum toward electrification now appears irreversible.