How Is KR 1.2 Tracking?
A fast step-up in global EV adoption is underway, with global sales jumping from 4 percent of passenger vehicles in 2020 to 14 percent in 2022.
But to advance to a 50 percent global market share within seven years, we’ll need an immediate and ambitious leap in manufacturing, from four million EVs per year to tens of millions.
Even with manufacturers investing heavily in electrification, we won’t hit this target without aggressive financial incentives and sales mandates to spur consumers to switch.
In parts of Europe, enlightened public policy is already creating the future we need. Norway is on track for EVs reaching 100 percent of passenger car sales in 2023. A growing list of countries have committed to total phaseouts of combustion car sales by 2040.
To reach our 2030 and 2050 targets worldwide, we’ll need to accelerate global EV adoption. In many large cities in China, which accounts for half the world’s unit sales, one of five cars sold are EVs. The U.S., despite being home to Tesla, the world’s top maker of EVs, stands at only 4.5 percent of sales.
Data for KR 1.2 is sourced from Bloomberg New Energy Finance EV Outlook 2022, which updates quarterly for new EV sales as a percentage of total passenger car sales.
The proportion of new EV passenger vehicle sales nearly doubled in 2021:
Thanks to larger battery packs and less "range anxiety," sales of EVs have rapidly increased globally:
Typical EVs now offer far more driving range than the average driver goes in a day: