Global electric vehicle (EV) sales reached an all-time high in the second quarter of 2024, with a 19.5% increase from last year in the first quarter, according to New AutoMotive’s Global Electric Vehicle Tracker. Nearly 3 million EVs have been sold globally since May 2024!
Electric vehicles are projected to surpass internal combustion engine vehicles in sales within the next four years, representing 22% of global sales this year. This trend underscores the swift advancement and increasing significance of the ongoing shift towards sustainable energy in the transportation sector. The rapid expansion of electric vehicles indicates that sales of internal combustion engine vehicles and gasoline consumption have already reached their highest point and are expected to sharply decline by 2030. Research conducted by Auto Trader suggests that the adoption of new electric vehicles could outpace traditional petrol and diesel vehicle sales as soon as 2025.
A new study lays to rest the tired argument that electric vehicles aren’t much cleaner than internal combustion vehicles. Over the life cycle of an EV — from digging up the materials needed to build it to eventually laying the car to rest — it will release fewer greenhouse gas emissions than a gas-powered car, the research found. That holds true globally, whether an EV plugs into a grid in Europe with a larger share of renewables, or a grid in India that still relies heavily on coal.
The number of electric cars, trucks, and SUVs from both new and established automakers has significantly increased in the past year. This growth indicates a trend where electric vehicles are likely to dominate the market in the future. One of the key factors driving this shift is the availability of affordable long-range battery packs, which enable electric cars to surpass traditional internal combustion engine (ICE) vehicles over time. These advanced battery packs allow EVs to travel long distances without concerns about charging stations, and the rapid charging technology ensures a full charge in less than 30 minutes is becoming standard. Currently, the fastest chargers accessible to consumers, also known as Level 3 chargers, can charge an electric vehicle's battery up to 80% in just 20 minutes.
Big Oil is capitalizing on the surge in energy prices to maximize profits, which are earmarked for investment in renewable energy transitions. This trend is largely attributed to the soaring prices of crude oil. Globally, Brent crude futures have increased by over 40% this year, peaking above $130 a barrel after Russia's invasion of Ukraine. Although prices have since decreased, Brent is still trading above $100 a barrel. Meanwhile, the European Commission has unveiled a strategy to render Europe mostly independent from fossil fuels by 2030, focusing on the rapid expansion of renewable energy and the diversification of natural gas sources.
Oil companies are optimistic that they can recover losses by targeting the rising demand for oil and gas in African countries with existing infrastructure and a need to fulfill that demand. Similar to Cuba, they aim to discourage African nations from investing in sustainable energy and delay their shift towards it. This strategy would allow them to sell second-hand cars and other goods that Europe and the West no longer want to developing nations, preventing these countries from surpassing the growth of the West through the adoption of renewable infrastructure. This approach is driven by the fact that these nations do not have to dismantle and replace their outdated oil-based infrastructure.
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