Out of 1 billion cars in the world, only 2 million are electric. But that will soon change, as costs diminish, and more governments encourage the adoption of EVs to cut carbon emissions and fight urban pollution. According to Bloomberg, by 2040, 54 percent of all new car sales will be for EVs. Millions of new EVs will take a big bite out of oil demand and displace 8 million barrels of transport fuel (gasoline and diesel) every day. But the biggest factor in the EV surge is what’s under the hood…lithium ion batteries. Bloomberg estimates that in the late 2020s, cheap battery technology will allow EV production to skyrocket. The key is lithium, “white petroleum,” which is quickly becoming the world’s most sought-after mineral.
Energy Voice 9th May 2018 read more »