A new report from CEPS and ACEA highlights barriers to Europe’s EV transition, including high production costs and inadequate charging infrastructure. The shift to EVs will impact jobs, investment, and global competitiveness. The cost gap between supply and demand poses challenges, along with risks to European value-added content in manufacturing.

Consumer adoption of EVs in Europe is hindered by factors like insufficient charging infrastructure and high total cost of ownership. The transition to EVs will require a transformation of supply and value chains, impacting labor, skills, and job markets. Retraining and upskilling are deemed necessary for the industry’s future success.

Europe faces a critical turning point in the EV shift, with the need for significant investment in infrastructure and battery production. The EU will require €172 billion by 2030 for charging networks and around €42 billion annually for competitive battery production. Urgent action is needed to prevent falling behind in the global race for EV leadership.

Read more at Yahoo Finance: Europe faces ‘critical turning point’ in EV shift: report