A recent article in Bloomberg makes the bold assertion that sales of internal combustion engine (ICE) vehicles have already peaked, so the future of the global auto industry belongs to electric vehicles.
EVs may still be more expensive than fossils, but that won’t be the case for much longer. Bloomberg finds that, in Europe, battery EVs are approaching purchase-price parity with ICE vehicles. On a total-cost-of-ownership basis, driving an EV is already cheaper than driving a comparable legacy vehicle.
As EVs become cheaper and better, more people will buy, and increased volume will enable automakers to reduce prices and improve performance still further in a classic virtuous cycle. “Globally, EVs will represent more than two-thirds of passenger vehicle sales in 2040,” write Bloomberg’s Colin McKerracher and Siobhan Wagner.
Read the article at EVANNEX.