Benchmark Intelligence Lithium Research, page-25

https://ark-invest.com/research/ev-growth-outperforming-the-traditional-s-curve-dynamics

“The rapid growth of the EV market has caught many analysts flat footed. Four years ago, the Energy Industry Administration (EIA) among other forecasting agencies estimated that EV sales would total a few hundred thousand units in the early 2020s. After they hit 1.45 million units in 2018, the same agencies now forecast that EV sales will increase to roughly 4-4.5 million in 2023, suggesting that their growth will decelerate from 79% last year to 25% at an annual rate during the next five years. Based on Wright’s Law, ARK’s forecast for EV sales in 2023 is 26 million units, roughly six-fold higher than the consensus estimate, with growth compounding at at a 78% annual rate”