Bad News for Big Oil: Electric Vehicle Sales to Surpass Gas Guzzlers by 2038

Posted by on July 15, 2017 in Eco-Friendly, Environment with 0 Comments
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By Lorraine Chow | EcoWatch

Despite the Koch brothers’ best efforts, it looks like gas guzzlers are on the way out. Sales of electric vehicles will surpass those using internal combustion engines by 2038, a new analysis has found.

Bloomberg New Energy Finance (BNEF) projects that “electric cars will outsell fossil-fuel powered vehicles within two decades as battery prices plunge, turning the global auto industry upside down and signaling economic turmoil for oil-exporting countries … [displacing] about 8 million barrels a day of oil production—more than the 7 million barrels Saudi Arabia exports today.”

“This is economics, pure and simple economics,” BNEF’s lead advanced-transportation analyst Colin McKerracher said. “Lithium-ion battery prices are going to come down sooner and faster than most other people expect.”

The report’s bold forecast was also bolstered by surging investment in lithium-ion batteries, higher manufacturing capacity at companies like Tesla Inc. and Nissan Motor Co., as well as rising demand for EVs in China and Europe.

BNEF admitted that its report is the “most bullish to date and is more aggressive than projections made by the International Energy Agency.”

Here are other notable projections for the booming category, according to BNEF:

  • In just eight years, electric cars will be as cheap as gasoline vehicles, pushing the global fleet to 530 million vehicles by 2040
  • Electricity consumption from EVs will grow to 1,800 terawatt-hours in 2040, or 5 percent of global power demand, from 6 terawatt-hours in 2016
  • There’s around 90 gigawatt hours of EV lithium-ion battery manufacturing capacity online now, and this is set to rise to 270 gigawatt hours by 2021.
  • Charging infrastructure will continue to be an issue with bottlenecks capping growth in key Chinese, U.S. and European markets emerging in the mid-2030s

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