[subject - Micro Economics ]

Read the case study and answer the following question .

CASE STUDY

QUESTION

(Note-please give me precise and new answer , dont copy from google / chat gpt , answer should be clear and concise ,answer should be from micro economics and mba prespective )

Electric vehicles in the United States - statistics & facts The electric vehicle (EV) market in the United States broke records in 2022, estimated at just under 918,500 light electric vehicle sales. This was over two and a half times more than in 2018-the year which marked the beginning of a strong demand for Tesla's Model 3. The sedan is one of the best-selling electric vehicles on the U.S. market. New players are yet to reach profitability Tesla continues to dominate the U.S. EV market, with an estimated 536,100 electric vehicles sold in the United States in 2022. However, competition is beginning to gain momentum, and manufacturers such as General Motors are continuing to add new EV models into their range of vehicles offered. Ford's Mustang Mach-E and Chevrolet's Bolt made it into the list of best-selling battery-electric vehicle models in 2022. Nearly 20,800 and 22,100 Chevrolet Bolts were sold in the United States in 2020 and 2021, respectively. The model is manufactured by a subsidiary of General Motors, which will end its Bolt production at the end of 2023 to focus on building electric pickup trucks. 2022 Chevrolet Bolt sales dropped to their lowest point since 2017. General Motors intends to only sell zero-emission vehicles by 2035. Despite more American brands ranking high among the best-selling battery-electric vehicle (BEV) brands in the United States, the U.S. electric vehicle market heavily depends on Tesla's sales. In 2022, the company reported over five times as many BEV sales as Ford, which ranked second. This contrasts with the global BEV market, where the gap between Tesla and other manufacturers is not as steep. Tesla's success and the increasing popularity of electric vehicles have attracted growing investments in EVs, charging infrastructure, and battery manufacturing. Manufacturers are looking to increase their research and development expenditure, with electric mobility at the