Electricity might not be stable in Nigeria, but the world is gradually shifting towards electric vehicles (EVs). It’s exciting times ahead. In 2022, global EV sales made up 5% of total car sales and is expected to grow in the coming years.
Countries are pushing consumers toward electric vehicles by providing incentives and setting up new laws that will end the era of Internal combustion engine (ICE) cars. For instance, the Norwegian parliament has decided that all sales of new cars and vans shall be zero emission (electric or hydrogen) by 2025, abolishing the sale of ICE vehicles. China is another big EV market, as half of the world’s electric car sales are made in the country.
The growth will be driven by increased consumer demand and government incentives, such as tax credits and subsidies. Many countries will have laws prohibiting ICE sales come into effect by 2035. This is a long term opportunity capable of delivering 10x returns.
The EV industry is not limited to electric vehicles. The development of the infrastructure necessary to support these vehicles also presents an investment opportunity. This includes charging networks, battery production, Rare Mineral miners, and other products and services necessary for the successful operation of electric vehicles.
Open your Loomo app and go to the EV section under Opportunities and invest in some of the most exciting companies.