"Alarm bells are ringing at manufacturers that have been reluctant to ditch combustion."

"Global spending on electric vehicles is surging. According a new report published by BloombergNEF on investment in the energy transition, annual spending on passenger EVs hit $388 billion in 2022, up 53% from the year before.

With the 2022 tally included, the total value of electric vehicles sold to date in the passenger vehicle segment has now crossed $1 trillion. There are a few ways to look at that figure. At the most basic level, if an automaker didn’t have a decent EV strategy, they missed out on their share of a trillion-dollar revenue opportunity over the last decade."

Colin McKerracher reports for Bloomberg Green February 14, 2023. [2]