When Tesla founder Elon Musk appeared on the television magazine show 60 Minutes last Sunday, he acknowledged that the timing of his latest electric vehicle rollout had been slowed. But he nonetheless restated that he is committed to something far more profound — decarbonization of the automotive and energy sectors.
His goal, overall, is to make sure we leave behind a healthier planet for those who follow — that the technologies to which he pursues get mainstreamed and become economically attractive for all drivers. To that end, he wants his efforts to electrify the automotive sector to be the catalyst that prompts the entire industry to mass produce those vehicles. The odds?
Transport will drive energy demand. And growing markets in China, India and the Middle East are expected to increase oil demand by 12% between now and 2035, says Wood Mackenzie. But the advisory firm adds that these same locations will be the ones to widely employ electric cars. That will occur because of advances in electric batteries, which Wood Mackenzie thinks will hit pay dirt by 2027.
“The threat from electric vehicles (EVs) beyond 2025 is material. Sales are growing exponentially and have outpaced expectations, boosted by faster than anticipated battery improvements,” it says.
It predicts EVs to grow from about 5 million today to 100 million by 2035, as the current fleet of cars is retired and as battery technologies improve — those that allow such cars to travel further before they would have to be plugged in. Today EVs comprise about 1.5% of the auto market.
Read more: Forbes