Global PEV (BEV and PHEV) sales totalled 6.7m units in 2021, an increase of 117% y/y. We’d forecasted a 100% growth rate last February, but it turned out that even we were conservative. And, given the magnitude of the semiconductor chip shortage experienced last year by the auto industry, that’s a pretty amazing return. Global EV sales penetration ended the year at 12%, a truly amazing stat considering that penetration was 5% at the start of the year. While the drop in ICE sales due to chip shortages may mean this is overstated in the near-term, it’s still a very...
