Global spending on electric vehicles (EVs) is surging. According a new report published by BloombergNEF on investment in the energy transition, annual spending on passenger EVs hit $388-billion in 2022, up 53% from the year before. With the 2022 tally included, the total value of electric vehicles sold to date in the passenger vehicle segment has now crossed $1-trillion. There are a few ways to look at that figure. At the most basic level, if an automaker didn’t have a decent EV strategy, they missed out on their share of a trillion-dollar revenue opportunity over the last decade.