More than a decade after Tesla (NASDAQ: TSLA) revealed the electric Roadster and revolutionized the auto sector, electric vehicle (“EV”) sales are steadily on the rise. This is mostly thanks to increasingly restrictive emission standards that have forced automakers to develop zero-emission vehicles that rely on alternative energy sources in a bid to reduce greenhouse gas emissions. Although electric vehicles still make a fraction of the total vehicles sold globally, the emerging space has experienced plenty of growth this year.
Specifically, electric vehicle sales increased by 160% in the first half of 2021 from 2020, with EV makers selling 2.6 million units (26% of global auto vehicle sales). However, this growth has been mostly confined to three markets: China, North America and Europe. China has been the largest electric vehicle market in the world for quite a while now. Chinese buyers purchased 1.1 million electric vehicles in the first six months of the year, representing 12% of total EV sales. Back on home soil, Americans bought just 250,000 electric vehicles, which is only 3% of total EV sales, showing how…
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