Electric vehicles are becoming increasingly popular due to more durable batteries, a greater number of charging stations, and government policies advocating for electric vehicle use. Sales of electric cars are expected to continue to rise, increasing from three million in 2020 to 66 million by 2040, according to Bloomberg.
It is predicted that electric cars will make up about two-thirds of personal vehicles by 2040, with Europe and China leading this transition. Sales of internal combustion engine (ICE) vehicles have already peaked, and in Europe, electric vehicles are reaching the same price range as those with internal combustion engines. Due to high demand for new technology and increased production battery prices are declining.
However, China, as a leader in lithium battery production, benefits from this demand. The European Union is striving to compete with the goal of achieving its own battery supply by 2025. Additionally, in China and Europe, charging stations for electric cars have doubled in the past two years. Fuel savings and shared mobility will impact oil demand; however, countries will still not reach zero value by 2050.
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