U.S. Expected to Lead World in Electric Vehicle Production
The U.S. is expected to soon lead the world in electric vehicle production, according to a study released recently by the consulting firm McKinsey & Co. The firm made this prediction based on the aggregation of nine factors that affect the production of electric vehicles, including electricity rates, production costs, government incentives, and the degree to which the public is interested in buying an electric vehicle.
McKinsey & Co. cited the support that Congress and the Obama administration have shown for the development of alternative fuels as a major contributor to the expectation that the U.S. will lead the way in electric vehicle production. The study also mentioned the gusto with which automakers in the U.S. have been pursuing electric vehicle production.
Although the U.S. is the current favorite in the race to lead the world in electric vehicle production, China and Germany are not far behind. Indeed, McKinsey & Co. predicted that China may overtake the U.S. within the next twenty years, due to the country's low electricity rates and its plans to begin mass producing electric vehicles soon.