Even though Tesla (NASDAQ: TSLA) is one of the most popular manufacturers of electric vehicles, especially with a great focus placed on their CEO, Elon Musk, regarding the latest controversies that took place during 2018 and are still affecting the company’s business, Tesla is not the only indicator in the state of the industry of electric vehicles.
The EV sector seems to be progressing at an accelerated pace, which makes predictions for the industry more than positive in the long run, while market watchers are predicting that the sector of electric vehicles will get to see 567 billion dollars in market growth by the year 2025.
How Industry of Electric Vehicles Will Grow to Over 500 Billion Dollars by 2025
Tesla is definitely the subject of top stories when it comes to following up with the industry of EV and electric vehicles trends, as the company managed to increase sales of their Model 3 vehicle from selling around 1,150 Model 3 units in the fourth quarter of 2017, to achieving 63,150 sales for the same model only a year later, in the last quarter of 2018.
Other auto manufacturers and automotive companies such as Buick, Cadillac, General Motors (NYSE: GM) and Chevrolet are also working on electric car vehicle models, so expansion of the industry is expected at an accelerated level in the course of the next six to five years.
General Motors might also represent a valuable indicator, although perhaps not the most popular, into the profitability of EV industry as the company decided to lay off a certain number of users in order to start a new platform for designing and manufacturing of automotive vehicles.
At this pace of growth, the industry will get to see a total market cap of 567 billion dollars by the end of 2025.