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. This will happen gradually and started already, with many auto companies coming out with Electric or hybrid model cars.
The Bloomberg New Energy Finance forecast says adoption of emission-free vehicles will happen more quickly than previously estimated because the cost of building cars is falling so fast. The seismic shift will see cars with a plug account for a third of the global auto fleet by 2040 and displace 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.”
What would the Middle East look like then? Just a thought.
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