While the macro environment looks terrible, the electric vehicle (EV) mega trend will continue to expand.
EV demand was already growing at a fast clip long before 2022. These innovative autos were almost nonexistent a little over a decade ago. They were out there, but no one called them “trendy.”
Today, electric and hybrid vehicles make up a combined 13% of all cars and trucks sold in America.
High fuel prices have a way of spurring consumers into cheaper alternatives. And this was before the Inflation Reduction Act (IRA) made every qualifying vehicle $7,500 cheaper due to the tax credits.
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