Analyst Note| Seth Goldstein, CFA |
By 2030, electric vehicles (EVs) will be 30% of total autos sold globally, up from 3% in 2020. By 2025, EVs will become cheaper for entry-level cars and reach performance parity with internal combustion engines (ICEs). With sufficient charging infrastructure being built throughout China, Europe, and the United States, the second half of this decade will see rapid EV adoption. Hybrids will reach cost parity for light trucks. As a result, EVs and hybrids will be two of every three autos sold globally by 2030.