This Week In Electric Vehicles - North American Market Set For Major Growth By 2030

The North American electric vehicles market is poised for significant growth, with projections indicating it will reach approximately USD 60.53 billion by 2030, driven by favorable policies and rising fuel prices. The market is expected to expand at a compound annual growth rate (CAGR) of 10.0% from 2025 to 2030, with plug-in hybrid electric vehicles (PHEVs) anticipated to experience a substantial CAGR exceeding 35% due to increasing demand for electric buses and trucks in logistics and transportation. In addition, Canada is set to lead with the fastest growth rate over the period, supported by the government's initiatives to enhance electric vehicle adoption. This comprehensive report provides valuable insights into market trends, growth opportunities, and competitive dynamics across the region.

Elsewhere in the market, Sumitomo Electric Industries (TSE:5802) was trading firmly up 7.1% and closing at ¥2,914. In the meantime, Lucid Group (NasdaqGS:LCID) trailed, down 6.8% to end the day at $2.86.

Ford focuses on restructuring efforts to boost profitability and innovate in the electric vehicle market. Click here to explore Ford's strategic transformation in detail.

Best EV Stocks

• Ford Motor (NYSE:F) closed at $10.43 up 2.5%.
• Tesla (NasdaqGS:TSLA) finished trading at $424.07 down 0.6%.
• NIO (NYSE:NIO) ended the day at $4.18 down 4.1%.

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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
• "Growth Trends in the North American Electric Vehicles Market, 2025-2030, Featuring Shares Analysis of BYD Motors, Daimler Truck, Ford Motor Company, General Motors, Lucid & More" from Research and Markets on GlobeNewswire (published 21 January 2025)

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