The news: The US is the latest country to pass the critical EV tipping point of 5% of new car sales, signaling the start of mass EV adoption that could be accelerated by greater market variety and recent oil shortages, per Bloomberg.
By the numbers: The US joins the other two largest car markets—Europe and China—in moving beyond the 5% threshold.
Variety and pricing mix: EVs are at an inflection point now that a greater variety of model types and a range in pricing are within more consumers’ reach.
A bright future for electric: We’re seeing various late entrants into the EV space.
What’s next? The EV market will likely parallel smartphone adoption. Tesla, like the Apple iPhone, is the innovator in the space, and will likely focus on the premium end of the market. This opens opportunities for other carmakers to take Google Android’s approach of competing on price and variety to suit a wider range of consumers.
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