Every year, BloombergNEF’s team of analysts pauses to reflect on what’s happened in our industry and make some predictions on what might be in store next…

We expect EV adoption to continue to rise in 2023, but at a slightly slower pace than the last two years, which saw sales jump from 3.2 million in 2020 to more than 10 million in 2022. We expect 13.6 million plug-in passenger vehicle sales in total for this year, with around 75% of those being fully electric.

China is set to dominate the EV sales charts again, with 8 million passenger EVs sold despite its phase-out of subsidies. The US is poised for a breakout year due to the combination of new EV manufacturing capacity and refreshed federal tax credits. With around 1.6 million plug-in vehicle sales in 2023, the US will still be well behind Europe on adoption, but the gap is starting to narrow…