As the world moves towards a greener future, electric vehicles (EVs) are gaining more traction. However, the growth of the EV industry faces several challenges, particularly in the supply chain. This week, we bring you updates on how industry players are addressing these challenges:
EV Supply Chain Woes
While demand for EVs is increasing, the supply chain can’t seem to keep up. The pandemic has caused disruptions, leading to a shortage of critical materials such as lithium and cobalt. This has resulted in increased prices and slowed production.
Catching Up with China
China remains the world’s largest EV market, with over 2.3 million EVs sold in 2020. However, other countries are catching up. Norway, for instance, had EVs accounting for 54% of new car sales in 2020.
Nissan Takes on the Challenge
Nissan has set a goal to electrify all-new models in key markets by the early 2030s, including China. The Japanese automaker aims to boost EV sales to account for 60% of its sales in markets such as Japan, Europe, and the US by 2025.
The Road Ahead
The EV industry still has some ways to go to streamline the supply chain and catch up with China. However, initiatives such as Nissan’s electrification efforts show that the industry is moving in the right direction. With continued investments and innovation, we can expect a brighter and greener future ahead.