According to a new report published by BloombergNEF, annual spending on passenger EVs hit $388 billion in 2022, up 53% from the year before.
With the 2022 tally included, the total value of electric vehicles sold to date in the passenger vehicle segment has now crossed $1 trillion.
Over the last 10 years since EVs first showed up in the modern era, the value of total car sales has been roughly $25 trillion. In that context, the cumulative value of EV sales is relatively modest. Total profits from EVs also are much lower.
Almost 60% of total EV spending occurred in just the last 18 months. This year will break records again, with passenger EV sales likely to comfortably exceed $500 billion.
Source: Mining
