President Trump's recent decision to revoke electric vehicle (EV) targets set by Biden is expected to moderately impact U.S. EV demand. However, analysts emphasize that global demand for EVs remains robust, particularly in China, which dominates the market. The decrease in EV demand in the U.S. is anticipated to be adequately offset by growth in other regions, especially as non-North American markets show a significant increase in sales. Despite the changes, industry experts remain optimistic about the future of lithium and critical minerals as EV demand evolves worldwide.
Every time people take away subsidies or benefits ... it's a dent to the demand scenario. (But) ultimately demand will still grow even if the U.S. is a bit slower under Trump.
Longer term, I just don't think it will be an issue on demand.
Much of the EV industry's growth happens in China, accounting for 11 million sales or 65% of the market, compared with North America, which accounts for 20% of the market.
The rest of the world already accounts for 1.3 million EV sales and is growing at 27% year on year, a trajectory that will see it become more meaningful than the entire North American market in less than two years.
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