Rising EV sales pose a threat to crucial material supply networks.

The worldwide fleet of electric vehicles market is quickly growing. While Tesla continues to lead the electric vehicle (EV) industry since introducing its first vehicle in 2008, other automakers are rapidly transitioning their fleets to electric.

General Motors has declared that it would invest $35 billion in the development of electric and autonomous vehicle products through 2025, and that it will phase out gasoline and diesel vehicles by 2035. Volkswagen wants 50% of its car sales to be electric by 2030, and virtually all of its sales to be electric by 2040. Audi will only offer completely electric cars in 2026, with the goal of having all car sales be electric by 2030.

The shift to EVs is a critical step toward a net-zero future. According to the International Energy Agency, more than 60% of passenger car sales must be EVs by 2030 in order for the world to reach net-zero greenhouse gas emissions by 2050. It is 18 times the number of EVs sold in 2020. By the mid-century mark, all automobiles should be powered by batteries or fuel cells.

Progress is being made. While total automobile sales fell by 16% in 2020 as a result of the pandemic, sales of battery electric and fuel cell cars grew by 29% over the previous year. Electric car sales hit 6.6 million in 2021, more than double the previous year.

In the EV race, Norway is ahead of the competition. 93% of new automobile registrations in the country in 2021 will be all-electric battery cars or hybrids. Some markets have lofty goals. China aims to electrify 70% of passenger cars by 2025 and 100% by 2035. The United Kingdom intends to phase out petrol and diesel car sales by 2030, with all sales becoming electric by 2035. The European Commission's plan to phase out the sale of new petrol and diesel automobiles throughout the continent by 2035 has the approval of nine EU member states.

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