Electric Vehicles Today - Driving Growth: Forecasting The Billion-Dollar Market Expansion

The global electric vehicle market is set to experience robust growth, projected to expand from USD 600.13 billion in 2024 to USD 1.58 trillion by 2033, with a compound annual growth rate (CAGR) of 11.43%. This expansion is driven by increased public awareness, the need for reduced emissions, advancements in battery technology, and supportive government policies and incentives. Moreover, improvements in electric car range and charging infrastructure are bolstering industry growth, along with the automotive sector's investment in research and development to enhance electric vehicle performance. However, the market also faces challenges such as inadequate charging infrastructure and high purchase costs, though these are anticipated to improve as technological and policy advancements continue.

Elsewhere in the market, Hyundai MobisLtd (KOSE:A012330) was trading firmly up 4.6% and closing at ₩263,500, not far from its 52-week high. At the same time, General Motors (NYSE:GM) trailed, down 8.9% to finish the session at $50.04. On Tuesday, GM provided earnings guidance for fiscal 2025, expecting net income of $11.2 billion to $12.5 billion and diluted EPS of $11 to $12.

General Motors aims to boost profitability through strategic market focus and share repurchases. Discover more about GM's strategies and potential in our detailed narrative.

Best EV Stocks

• NIO (NYSE:NIO) closed at $4.32 up 1.2%.
• Tesla (NasdaqGS:TSLA) settled at $398.09 up 0.2%.
• Ford Motor (NYSE:F) settled at $10.08 down 2.9%.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Sources:

• Simply Wall St
• "Electric Vehicle Market Report 2025-2033, Competitive Analysis of Tesla, BMW, BYD, Mercedes-Benz, Ford, General Motor, Nissan, and Toyota" from Research and Markets on GlobeNewswire (published 29 January 2025)

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