Oil consumption continues to rise in the U.S. and around the world, but as electric vehicles keep growing as a percentage of vehicle sales, there will ultimately be a tipping point on multiple fronts.
The first will be manufacturers investing in more EVs to ultimately overtake internal combustion engines, which is happening today from Tesla (NASDAQ: TSLA) to General Motors (NYSE: GM) to Porsche.
The bigger tipping point will be a peak in oil consumption that the world will (likely) never look back from. We don’t know when peak oil will happen, but given the cost reduction of EVs and the focus on reducing emissions around the world, it’s only a matter of time.
EV sales are still booming
There’s no question that Tesla has led the EV revolution the last decade, and it’s helping drive the industry’s growth. According to the website Inside EVs, Tesla has already sold 99,525 Model 3, S, and X vehicles in the U.S. through July 2019, and total U.S. EV sales across all manufacturers were 176,174 thru seven months of 2018, a 14.5% increase from 153,854 a year ago.
Global electric vehicle sales were 1,105,405 in the first six months of this year, a 46.9% jump from 752,690 a year ago. It’s this growth on a global level that’s going to lead to that tipping point.
No matter where you look, EV sales are going up. And in 2020 and 2021, there will be even more options coming to the market from Porsche, Ford, Kia, Mini, and many more.
Read more: Yahoo