Europe and the U.S. have kicked into high EV gear but a "Chinese cloud" is looming over the EV sector. Last Saturday, Renault (OTC:RNLSY) Chairman Jean-Dominique Senard expressed his concerns to Reuters regarding Europe’s over-reliance on China, emphasizing the need for building a costly supply chain. Meanwhile, in the U.S., Worksport Ltd (NASDAQ:WKSP) has just announced it has made significant progress at its 220,000 square feet U.S. facility, continuing its way towards delivering its revolutionary Solis solar-powered tonneau cover and COR remote power storage system. Meanwhile, EV king Tesla Inc (NASDAQ:TSLA) told the Environmental Protection Agency (EPA) that the United States could go all-electric by the end of the decade, but it would settle for 69% of new car sales.

Toyota And Stellantis Believe The EPA Is Overly Optimistic

Toyota Motor (NYSE:TM) finds the EPA has underestimated key EV challenges, such as scarcity of raw materials out of which batteries are made, as well as the fact that that the U.S. is not either the mining or refining home to these minerals. There’s also the issue of the high cost of making EVs along with a developing infrastructure that is, at its current state, unable to support a wide EV adoption.

Stellantis (NYSE:STLA) also believes that EPA’s expection of EV market growth is too optimistic while assuming a ‘perfect’ transition and underestimating challenges such as lagging manufacturing capacity and the support for EV drivers.

Tesla Is Still Running The Show Although GM Promises To Catch Up

While US is still lagging behind other major markets in the contribution of EVs in total car sales, it’s certainly picking up pace going from 3% in 2021 to 5% in 2022, while expecting 8 to 10% this year. Without exaggeration, this was achieved mainly by Tesla who makes the most of EVs in the U.S. However, General Motors (NYSE:GM) CEO Mary Barra is confident the automaker would catch up to and surpass Tesla to become the top EV seller in the US, but after producing just over 39,000 all-electric vehicles last year compared to Tesla’s 1.4 million, GM seems to be aiming too high. But GM is going for the “EVs for everyone” strategy and not by going through the struggle of replicating of the company’s internal combustion engine portfolio. Rather, GM is going strategic with its EV approach by offering both affordable and luxury models, along with pickups and SUVs and therefore, covering every EV front. After adopting Tesla charging technology, or more precisely NACS chargers, GM provided its EV drivers with enhanced durability and reliability at across 25,000 stations across the U.S. instead of the current 13,000, making good on its promise.

The US is in great need for intense EV programs, and with the initiatives of the Biden administration, they are finally underway, coinciding with a wider consumer mindset shift in favor of an all-electric transportation future.

Renault’s Concern Due To China’s Recent Decision To Restrict Exports Of Metals

Worksport Transitions From Preparation Phase To Scaling Of Production

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