Electric vehicle (EV) adoption is gaining serious momentum around the world. Multiple countries, including the United States, have already passed a passenger EV tipping point — when sales reach critical mass, after which adoption accelerates. In the United States, owning a light-duty EV is now cheaper than owning a gas-powered car over a vehicle’s lifespan. Thanks to ongoing savings from fuel, less maintenance and other recurring benefits, EVs save U.S. drivers an estimated $1,000 or more annually.

The number of electric medium- and heavy-duty (MHD) trucks also continues to grow globally. MHD trucks’ purchase prices are trending toward parity with diesel, with some segments reaching parity as early as 2028. Given fleets are incredibly price sensitive, cost parity is the determining factor in their switch to electric.

In addition, battery recycling technology is improving.

TIPPING POINTS

More than 17 million new electric cars were so