The Electric-Car Boom Is So Real Even Oil Companies Say It’s Coming

Electric cars are coming fast — and that’s not just the opinion of carmakers anymore. Total SA, one of the world’s biggest oil producers, is now saying EVs may constitute almost a third of new-car sales by the end of the next decade.

The surge in battery powered vehicles will cause demand for oil-based fuels to peak in the 2030s, Total Chief Energy Economist Joel Couse said at Bloomberg New Energy Finance’s conference in New York on Tuesday. EVs will make up 15 percent to 30 percent of new vehicles by 2030, after which fuel “demand will flatten out,” Couse said. “Maybe even decline.”

Couse’s projection for electric cars is the highest yet by a major oil company and exceeds BNEF’s own forecast, said Colin McKerracher, head of advanced transport analysis at Bloomberg New Energy Finance.

“That’s big,” McKerracher said. “That’s by far the most aggressive we’ve seen by any of the majors.”

“By 2020 there will be over 120 different models of EV across the spectrum,” said Michael Liebreich, founder of Bloomberg New Energy Finance. “These are great cars. They will make the internal combustion equivalent look old fashioned.”

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