Big Oil just realized Electric Car demand is rising

❝ The world’s biggest oil producers are starting to take electric vehicles seriously as a long-term threat.

OPEC quintupled its forecast for sales of plug-in EVs, and oil producers from Exxon Mobil Corp. to BP Plc also revised up their outlooks in the past year, according to a study by Bloomberg New Energy Finance released on Friday. The London-based researcher expects those cars to reduce oil demand 8 million barrels by 2040, more than the current combined production of Iran and Iraq.

❝ Growing popularity of EVs increases the risk that oil demand will stagnate in the decades ahead, raising questions about the more than $700 billion a year that’s flowing into fossil-fuel industries. While the oil producers’ outlook isn’t nearly as aggressive as BNEF’s, the numbers indicate an acceleration in the number of EVs likely to be in the global fleet…

❝ BNEF expects electric cars to outsell gasoline and diesel models by 2040, reflecting a rapid decline in the cost of lithium-ion battery units that store power for the vehicles. It expects 530 million plug-in cars on the road by 2040, a third of worldwide total number of cars.

❝ Long-term growth depends on a wide range of factors, including policy decisions by governments seeking to tackle air pollution to the cost of the lithium-ion batteries that account for about a third of the cost of each one.

Yet even as oil majors lift their outlook, they remain much less optimistic than the automakers. The world’s top automakers have a combined plan to sell 6 million EVs a year by 2025, rising to 8 million in 2030, according to Bloomberg New Energy Finance.

2030 or 2040 might be doable for me. Looking forward to a greener more sensible world – and hopefully education and understanding keep up.

One thought on “Big Oil just realized Electric Car demand is rising

  1. Henry says:

    “One of the world’s biggest banks is betting that all new cars in Europe will be electric by 2035” https://qz.com/1029602/one-of-the-worlds-biggest-banks-is-betting-that-all-new-cars-in-europe-will-be-electric-by-2035/ “Sales of electric vehicles have been slowly growing in Europe and the US, and are surging in China—in 2016, China registered as many as 352,000 new e-cars, compared to only 159,000 registered in the US during the same time period. “

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