The latest Electric Vehicle Country Readiness Index by EY, China maintains its commanding lead, with Norway closely following. Notably, the United States has made significant strides to claim the third spot, showcasing the accelerating transition to electric mobility worldwide.

China continues to lead the global electric vehicle (EV) charge, holding its place as the top nation prepared for an electric future. Key drivers of this leadership include the overwhelming investment in battery manufacturing (74% of global investment in 2022), soaring consumer demand (58% of Chinese consumers planning to buy an EV next), and robust charging infrastructure.

Norway, an early adopter of EVs, maintains its position as the second most EV-ready nation. The country boasts an impressive 81% EV adoption rate, fueled by generous incentives and high GDP per capita, making EVs affordable for the masses. Moreover, 83% of vehicles launched in Norway between 2022 and 2027 will be electric.

The United States has catapulted itself from the seventh spot to third place. This rapid ascent is attributed to innovations in car models, significant investments in battery manufacturing, and government regulations aimed at stimulating EV demand. New federal tax credits, like the Inflation Reduction Act, have incentivized consumers to opt for EVs, resulting in an 11% share of global EV production.

While global demand for EVs continues to rise due to factors such as performance improvements, expanding charging infrastructure, and reduced "range anxiety," challenges persist. Norway leads with an 81% EV uptake, followed by Sweden (53%) and the Netherlands (35%). However, China and the US lead in absolute EV sales, with approximately 8.3 and 1.5 million units projected in 2023, respectively. Despite this growth, EV sales have outpaced immediate consumer demand in major markets.