According to Bloomberg's New Energy Finance division, demand for electric vehicles (EVs) will explode in the coming years. The company estimates 730 million passenger EVs could be on the road by 2040, and considering that less than 8 million were sold in 2022, there will have to be a rapid acceleration in uptake to meet the forecast.

The global leader in pure EV sales is Tesla (NASDAQ: TSLA), and despite plans to rapidly expand, even that company has an annual production capacity of only around 2.3 million vehicles right now.

Image source: Tesla.

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Source Fool.com