The US added 517,000 jobs in January, far above the forecast of 185,000 by Bloomberg. Also, the unemployment rate was 3.4% in January, below the 3.6% economists’ forecast. The labor market strength suggests continued rate hikes ahead. Rising interest rates and a slowing economy have kept auto sales under pressure.
While favorable public and private investment and robust demand amid global sustainability initiatives have fueled the growth of the electric vehicle (EV) market, high EV prices have deprived optimal sales. Moreover, rising tensions between the US and China may lead to increased tariffs or other trade barriers, making it further expensive for vehicle manufacturers to source components from China.
Furthermore, EV adoption is restricted by inadequate charging infrastructure. According to a new report out of S&P Global Mobility, the US needs to quadruple its charging infrastructure by 2025 and grow it more than eight times by 2030.
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