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

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.

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

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jean
jean

Editor

@jakethesnake please see post above by @benjamin

benjamin
benjamin

Another good quote from the article, specifically about recycling batteries:

What I learned at their plant, which I’d never heard before, is this: we can already recycle the heck out of EV batteries. Even today, we reclaim more than 95% of the three major metals they contain: nickel, copper, and cobalt. And a reclamation process is currently being developed for lithium – the metal the battery is named for, though it’s not its major component.
We will undoubtedly cause more damage to the earth and the environment as we mine the materials to build electric cars. But in contrast to drilling for oil, this mining will be a finite process. At some point in time, we’ll barely need new mines at all.

jakethesnake
jakethesnake

I have heard that the batteries used in a lot of electric cars are actually pretty bad for the environment. And the mining for the materials needed to produce these batteries is also detrimental to the environment. Perhaps it's safe to say they are the lesser of two evils?

jean
jean

@tommy I couldn't agree more. Good news!!!

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