DRIV - EV Outlook #1 - Growth Policy And Net Zero

• The pandemic saw global car sales fall 14% in 2020, yet EVs rebounded: sales of 3.2m were up 43% y-o-y versus 3% in 2019.
• Europe, China and California accounted for 52% of the total car market in 2020 but 87% of EV sales.
• Biden's American Jobs Plan intends to allocate $174bn to close the gap with China on EVs in the US and includes spending on consumer incentives and charging infrastructure.
• In H220, the UK, Japan and California (markets accounting for c 10% of global car sales) announced the intention to phase out sales of fossil fuel cars by 2035, bringing transport policy in line with their broader net zero climate objectives.

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