The year 2022 was pivotal for the growth of electric vehicles (EVs): China extended the tax exemption on EV purchases through the end of 2023; Europe continues to move forward with the so-called “Target 55” to decarbonize the economy; and in the U.S., President Joe Biden launched the Inflation Reduction Act (IRA) which includes significant subsidies for electric mobility. 

In this context, new EV models are expected to hit the market in 2023, from both established automakers and companies created specifically for this market. In the U.S. alone, 20 new EV models are expected to be launched in 2023.

And there is a market. S&P Global Mobility forecasts that demand for passenger EVs in 2023 will reach 10 million units, representing 13.3% of total passenger vehicle demand for the year. The consulting firm warns, however, that this shift toward electromobility will put upward pressure on EV prices in the short and, perhaps, medium term, while some questions remain, such as whether the charging infrastructure will keep pace with the growth of the EV fleet or whether there will be a sufficient supply of batteries.