Globally, there has been a remarkable uptick in the sales of plug-in electric vehicles. China led the charge in 2022 by achieving an impressive milestone of 6.2 million electric vehicle sales, marking an 82% YoY increase. However, Europe and North America did not match this pace, showing only 15% and 48% YoY growth, respectively. In the EU, one of its biggest markets, elevated borrowing costs, a sluggish economy and growing pessimism around EVs are clouding the industry's growth trajectories. Sales slumped by nearly half in the region's biggest market, Germany, after EV incentives ran out, weighing on growth in other key countries. Trade tensions with China have pushed up prices, which has led to a further decrease in sales.