Bloomberg NEF has declared that a global tipping point for the uptake of Battery Electric Vehicles has been reached.
“Thus the adoption curve followed by South Korea starting in 2021 ends up looking a lot like the one taken by China in 2018, which is similar to Norway after its first 5% quarter in 2013. The next major car markets approaching the tipping point this year include Canada, Australia, and Spain,”“The US and China mostly skipped plug-in hybrids and went straight to fully-electric vehicles.
Carmakers are rushing to get their electric vehicles to market, with Tesla, Volkswagen and BYD announcing ever increasing production goals. These three carmakers alone expect to produce over 4 million BEVs in the next 12 months. Even laggards like BMW are aiming for 50% of their production to be BEVs by 2030.
“It turns out, automakers have tipping points, too. Factories must be retooled and supply chains reconfigured. To achieve the most cost savings, the entire vehicle must be redesigned with electrification in mind. In Europe, once 10% of an automaker’s quarterly sales go electric, the share triples in less than two years.”“So far, 90% of the world’s EV sales have come from the US, China and Europe.
“Still, global sales of electric vehicles tripled in the last two years, according to the International Energy Agency. All of the net growth in global car sales in 2021 came from electric cars, and that’s a trend that BloombergNEF forecasts suggest will continue indefinitely.” Fossil fuel vehicle sales seem to have peaked in 2017. There doesn’t appear to be any way that they can come back. Yes,
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