We discuss the dominance of China in the EV market: Chinese EV companies like BYD and NIO will expand globally to fill the void left by the underperformance of US, EU, and Japanese automakers. Despite the benefits of the Inflation Reduction Act, the price remains the top limiting factor to EV sales in the US, and it is tough to see how the States will achieve price parity any time soon. Geopolitics will also be a major reason why EV adoption will lag expectations, especially in the States. In Europe, policy remains incredibly supportive, but the execution is struggling. While not as bad as in the US, EU charging infrastructure is deficient in terms of scale and the speed of public charging will hold back adoption. EU policy targets will be difficult to meet given the current infrastructure.
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