With aggressive targets set by many nations to phase out emission-spewing internal combustion-powered vehicles, the sales of electric vehicles (EV’s) are expected to overtake the sales of the former by 2040. However, it remains to be seen whether the EV revolution will lower the global oil usage and the consequent lower price for SR.
A period of unprecedented transformation is underway in global automotive industry, with its very name being renamed as the “mobility” industry! Increasingly connected and autonomous vehicles will run on battery power. Numerous nations have set aggressive targets for putting electric vehicles (EV’s) to use and phasing out emission-spewing internal combustion-powered cars. China’s policy alone would result in annual sale of about 7 million EV’s by 2025 and growing thereafter.
Prediction
Forecast by Bloomberg New Energy Finance reports that electric cars would become cheaper than conventional cars without government subsidies between 2025 and 2030. According to the report, 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 EV’s account for a third of the global auto production by 2040 and displace about 8 million barrels a day of oil production – more than the 7 million barrels Saudi Arabia exports today!
This story is from the November - December-2017 edition of Rubber Asia.
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This story is from the November - December-2017 edition of Rubber Asia.
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