In 2021, the electric vehicle (EV) penetration rate in North America was low, at less than 4%, but several geopolitical factors are sending this development on an upwards trajectory. For example, a ban on Russian oil by the United States and Canada after the start of the Russo-Ukrainian War has caused oil prices to soar in many places.
• As a result, the volume of people opting for EVs over their fossil fuel-powered counterparts is on the rise.
• Also, as environmental regulations become more stringent, corporates have begun to rethink their mobility policies to both reduce their carbon footprint and optimize costs.
• They are not largely willing to risk the disadvantages of owning EVs, such as high depreciation and the fast-paced advancement of technology, which causes a relatively new vehicle to appear redundant in no time.
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