The global transition toward electric vehicles will have “far-reaching” impacts on investment, production, international trade and employment, the International Monetary Fund said as part of its update to global economic growth forecasts.
The IMF noted that the global automotive industry stands out for having high wages, strong profits, large export markets and using a high degree of technology.
The move toward EVs has accelerated and is seen as a key way to help countries achieve climate goals. In 2022, transportation accounted for 36% of greenhouse gas emissions in the U.S., 21% in the European Union, and 8% in China, the IMF said.
