Global investment in electric vehicles (EVs) has increased rapidly in recent years. A growing number of governments around the world are seeking to grow adoption rates, and an increasing number of car manufacturers are planning to produce greater volumes and models of EVs. Some analysts estimate over US$90 billion will be invested in electric vehicle technologies globally in the years ahead.
In this Executive Insights, we investigate 12 countries globally, including Australia, to reveal that shifting consumer purchasing behavior in most countries will take more than investments in public charging infrastructure. It will require a fundamental shift in the cost competitiveness of electric vehicles compared with internal combustion engine vehicles.