How electric vehicles are accelerating the end of the oil age. MAGA soils diapers.

[Joe Capitalist]

How electric vehicles are accelerating the end of the oil age

https://apple.news/AxM3nQQzWR0KQ03kL7xEffQ

There is plenty of hand-wringing on display at the COP28 climate conference in Dubai about the slow pace of reducing the consumption of fossil fuels to fight climate change. But one positive that delegates can point to is the growing fleet of electric vehicles worldwide that is already making a surprisingly big dent in demand.
Growing sales of electric vehicles in recent years have led forecasters to speed their projections for when global oil use will peak, as public subsidies and improved technology help consumers overcome the sometimes eye-popping sticker prices for battery-powered cars, according to industry experts.
The Paris-based International Energy Agency (IEA), a grouping of 29 industrialized nations, expects world oil consumption to hit its zenith at the end of this decade at 103 million barrels per day, after making regular adjustments from its 2017 forecast of a nearly 105 million bpd peak in 2040.
"The game-changer has been the policy support for the shift to electrification quite substantially reducing oil demand from transportation sector, which has been the key driver of global oil demand growth," said Apostolos Petropoulos, an energy modeler at the IEA.
Oil giant BP (BP.L) has pushed forward its global peak oil demand projections, while the governments of both the United States and China - the world's two biggest oil users - have ratcheted back their domestic consumption forecasts.
Transportation is responsible for about 60% of world oil demand, with the United States alone accounting for around 10%, according to the IEA. That share should fall, as the IEA expects EVs will have erased some 5 million barrels per day of world oil demand by 2030.
Global EV sales now make up about 13% of all vehicle sales and are likely to rise to between 40%-45% of the market by the end of the decade, according to the IEA.

 

[Yakuda]

How electric vehicles are accelerating the end of the oil age

https://apple.news/AxM3nQQzWR0KQ03kL7xEffQ

There is plenty of hand-wringing on display at the COP28 climate conference in Dubai about the slow pace of reducing the consumption of fossil fuels to fight climate change. But one positive that delegates can point to is the growing fleet of electric vehicles worldwide that is already making a surprisingly big dent in demand.
Growing sales of electric vehicles in recent years have led forecasters to speed their projections for when global oil use will peak, as public subsidies and improved technology help consumers overcome the sometimes eye-popping sticker prices for battery-powered cars, according to industry experts.
The Paris-based International Energy Agency (IEA), a grouping of 29 industrialized nations, expects world oil consumption to hit its zenith at the end of this decade at 103 million barrels per day, after making regular adjustments from its 2017 forecast of a nearly 105 million bpd peak in 2040.
"The game-changer has been the policy support for the shift to electrification quite substantially reducing oil demand from transportation sector, which has been the key driver of global oil demand growth," said Apostolos Petropoulos, an energy modeler at the IEA.
Oil giant BP (BP.L) has pushed forward its global peak oil demand projections, while the governments of both the United States and China - the world's two biggest oil users - have ratcheted back their domestic consumption forecasts.
Transportation is responsible for about 60% of world oil demand, with the United States alone accounting for around 10%, according to the IEA. That share should fall, as the IEA expects EVs will have erased some 5 million barrels per day of world oil demand by 2030.
Global EV sales now make up about 13% of all vehicle sales and are likely to rise to between 40%-45% of the market by the end of the decade, according to the IEA.

"Likely to rise..." LMFAO

 

[Joe Capitalist]

Passenger electric vehicle sales seem to be on track to hit 14 million this year.

That’s an increase of 36% from 2022. Even in the United States, where the “demand problem” narrative for electric cars is quite notable, the increase in EV sales is substantial at about 50%. Granted, sales might be short of what some manufacturers expected, but they are still in line with BloombergNEF’s forecast from the start of 2023.
It should also be noted that best-selling electric vehicles like the Tesla Model Y crossover continue to sell very well in the United States. And in China, Tesla is not the only EV maker that’s covering the most ground. Amidst the country’s EV-friendly environment, electric car powerhouses such as BYD and Li Auto have emerged. In a report, Bloomberg News noted that pure electric car makers like Tesla stand to hold 7% of the global vehicle market this 2023. In 2020, this figure was at 1%.
Also interesting is the fact that electric cars are also growing in countries like India, Thailand, and Indonesia. In Thailand alone, electric vehicles have captured 9% of the cars sold in the country. These results suggest that contrary to the anti-EV narrative, electric cars are actually not a phenomenon that’s only found in wealthy countries. And with affordable EVs now being produced by companies like BYD, and with electric car giant Tesla also pursuing an affordable EV, the adoption of electric cars will likely accelerate even more in the coming years.

MAGA soils diapers