The global electric vehicle (EV) market experienced a record-breaking year in 2023, with sales approaching 14 million units, representing 18% of all cars sold worldwide. This growth marked a significant 35% year-on-year increase, reflecting a transition from early adopters to mass-market consumers. However, the EV industry faced considerable volatility due to supply chain disruptions, fluctuating battery metal prices, and changing government policies in major markets.

• Sales Growth: EV sales grew by 3.5 million units in 2023, a 35% increase from the previous year, signaling a robust expansion of the market.

• Market Challenges: Despite the growth, the industry faced challenges such as supply chain disruptions and fluctuating prices of battery metals, particularly following geopolitical events like Russia's invasion of Ukraine.

• Policy Changes: Significant policy shifts, including the reduction of subsidies in France and Germany, as well as the end of VAT exemptions in Norway, affected market dynamics. However, Europe still saw a 17.3% increase in EV registrations.

• Affordability Issues: While electric cars are becoming more affordable, especially in China where over 60% of EVs were cheaper than their combustion engine counterparts, they remain more expensive in Europe and the United States.

Source: The information in this article is based on the "Industry Overview" report published by TBC Capital on July 31, 2024. The report provides an in-depth analysis of the global electric vehicle market, including sales data, market trends, and the impact of policy changes on the industry.