Automobiles: Weak EV Production Rates Suggest Bumpy Road Ahead

Despite U.S. electric vehicle sales increasing by 66% to 809,739 units in 2022, EVs still accounted for only 5.8% of new vehicle purchases last year. We think some would blame the sluggish pace of EV production and sales on the global chip shortages and supply chain issues of the past two years, but we believe there’s more to the story.