Electric Vehicle Demand Could Grow 11-Fold

October 11, 2021, By smallcapfirm,

Global demand for electric vehicles will only accelerate.

For one, countries around the world want millions of electric vehicles on the roads to help battle climate change.

Two, “demand for electric vehicles is expected to grow 11-fold over the next 15 years through 2035 in a rapid shift to zero-emission mobility, eclipsing that of hybrids as soon as next year to become the largest segment among battery-powered automobiles, according to a market research firm,” as noted by Kyodo News.

Three, President Biden recently issue an executive order aimed at making at least half of all new vehicles sold in 2030 electric, as noted by Reuters.

All of which is creating a sizable catalyst for companies such as Tesla Inc. (NASDAQ:TSLA), Nio Inc. (NYSE:NIO), Li Auto Inc. (NASDAQ:LI), Ford Motor Company (NYSE:F), and EV battery company, NEO Battery Metals Ltd. (TSXV:NBM)(OTC:NBMFF).

In addition, according to Yahoo Finance, “With 29% of greenhouse gas emissions coming from the transportation sector, electrifying cars and fleets is crucial for the Biden administration’s broader climate goal of reducing emissions to half of 2005 levels by 2030.  And the private sector has also joined in on reducing emissions with EVs. Walmart, for example, set a target to electrify its entire fleet by 2040 while others like Amazon and UPS have taken similar steps by placing orders for tens of thousands of commercial battery-electric vehicles.”

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