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Conventional Forecasting for EV Adoption Getting Thrown Out the Window as Sales Numbers Explode
“Houston, we have a problem” no longer applies to the Apollo 13 mission. Now Houston, the capital of the North American oil and gas industry faces electric vehicle (EV) growth expected to accelerate by 19% in 2024 with forecasts indicating that 66% of global car sales by 2030 will be EVs. This is putting at risk nearly 50% of worldwide demand for oil by the end of this decade.
Conventional Forecasting for EV Adoption Getting Thrown Out the Window as Sales Numbers Explode
Electric vehicle (EV) growth is expected to accelerate by 19% in 2024 with forecasts indicating that they will represent 66% of global annual car sales by 2030. Why? Manufacturers are taking advantage of economies of scale, government incentives, and improving battery technology to produce more models at lower prices. By 2030, this will cause a fall in oil demand by 1 million barrels a day with further declines of even more in subsequent years.
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