All-time-high interest in electric vehicles might not translate into as many sales as automakers and regulators would like in the short and medium term, as supply chain snags are likely to prevent the industry from catching up with growing demand.
Automakers and governments have set ambitious targets for EV expansion. Legacy automakers have rolled out aggressive investment and product plans, while all-electric newcomers such as Rivian and Lucid Motors look to emulate the fast growth of Tesla. The Biden administration wants half of all new-vehicle sales to be zero emission by 2030, while other jurisdictions are more aggressive: California aims to be all-ZEV by 2035.
While EV prices remain even higher than the record-high prices consumers are paying for new gasoline-powered vehicles today, interest and demand significantly exceed supply. Ford stopped taking orders for its F-150 Lightning to avoid promising more than it can deliver; Tesla is advising shoppers they may have to wait a year or more to get their vehicles.