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.

5 thoughts 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” “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. “

  2. Henry says:

    (July 24, 2017) Toyota Motor Corp is working on an electric car powered by a new type of battery that significantly increases driving range and reduces charging time, aiming to begin sales in 2022, the Chunichi Shimbun daily reported on Tuesday.
    Toyota’s new electric car, to be built on an all-new platform, will use all-solid-state batteries, allowing it to be recharged in just a few minutes, the newspaper said, without citing sources.
    By contrast, current electric vehicles (EVs), which use lithium-ion batteries, need 20-30 minutes to recharge even with fast chargers and typically have a range of just 300-400 kilometers (185-250 miles).
    Toyota has decided to sell the new model in Japan as early as 2022, the paper said.
    (August 4, 2017) Toyota and Mazda are joining forces to build a new $1.6 billion factory in the United States, Toyota’s North America CEO Jim Lentz told The Dallas Morning News on Thursday. “…And the two automakers will “share and jointly develop technologies” to build electric vehicles, Lentz said. That’s a bit further out, he said, but “as demand increases, this will give us the opportunity to have a source of electric vehicles for North America.”

  3. ZEV says:

    “The death of the internal combustion engine”
    “Tech Guru Bill Joy Unveils a Battery to Challenge Lithium-Ion”
    “Legislation calls for $3B in rebates for electric cars in California”
    “India to sell only electric vehicles by 2030: Piyush Goyal” (Minister of State for Power and Renewable Energy)

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