Global EV Sales Have Soared as Overall New Car Sales Sag

Some findings from BNEF's 2023 Electric Vehicle Outlook are familiar — EV sales are going up and up — while others are more surprising.

A Tata Motors Nexon EV, center, on a road in Mumbai.

Nathaniel Bullard

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Today BloombergNEF released its seventh annual Electric Vehicle Outlook. The report offers reams of new data and projections around what's become a familiar story: EV sales are growing at double digits each year and are now the only growth area in the global passenger vehicle market. China is the largest single market for EVs, and it's also becoming a significant exporter of them. Additional EV adoption will mean much more extraction and processing of key materials like lithium.

Bloomberg News and Hyperdrive have covered the report's key findings. Here are four additional takeaways: