EV adoption in the US happening faster than predicted

The US is one of the leading nations in terms of electric vehicles. However, Research Auto points out that the rate of EV adoption is even faster than anticipated. This finding is the opposite of claims made by Jack Hollis, executive VP of sales for the North American Toyota operation.

Hollis claimed there is not enough demand for EVs to trigger mass adoption. The VP said EVs cost a lot and charging infrastructure lags because the market is not ready.

However, Hollis’ opinion cannot be farther from the truth. Speaking to Teslarati, Recurrent CEO Scott Case mentions how the EV adoption rate has grown faster than projections by multiple firms. Case used Boston Consulting Group, BCG, as a case study. BCG has completely missed with its yearly prediction since 2018, a total of four times. Each time, BCG ended up with a growth forecast too low.

BCG’s US EV adoption forecasts, courtesy of Recurrent Auto

Case said, “The market adoption is just happening faster than any moment in the past. This is not about when we get to complete it, or what the numbers have been already. It’s what the best industry experts are forecasting about how fast this is going to happen.”

Toyota, however, is investing $2.5 billion more in EV battery production.