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EVs Could Make Up 33% of New Vehicle Sales in 6 Years

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June 24, 2022—New electric vehicle sales could account for one third of the total global market as soon as 2028. 

According to a report from Reuters citing data from research consultant AlixPartners says EVs are expected to rapidly take up more of the market share as dozens more new EV models are rolled out. The data suggests EVs could account for a majority of new vehicle sales by 2035.

Automakers are investing a projected $526 billion on EV production infrastructure through 2026 to support the rapid and massive increase in production. That total more than doubles the projected EV investment forecast for 2020 through 2024, which was tallied at $234 billion.

Electric vehicles accounted for less than 10 percent of total sales both last year and through the first quarter of this year. 

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