Connect with us

Hi, what are you looking for?

CleanTechnica
At the Bloomberg New Energy Finance conference in New York on April 25, Joel Couse, chief economist for Total, predicted that sales of electric cars will surge from about 1% globally in today's new car market to up to 30% of the market by 2030. If that happens, he says, demand for petroleum based fuels "will flatten out, maybe even decline." Total is one of the world's largest oil producers. His forecast surprised many people at the conference.

Cars

Oil Giant Total Sees Electric Cars Seriously Cutting Into Oil Demand Soon

At the Bloomberg New Energy Finance conference in New York on April 25, Joel Couse, chief economist for Total, predicted that sales of electric cars will surge from about 1% globally in today’s new car market to up to 30% of the market by 2030. If that happens, he says, demand for petroleum based fuels “will flatten out, maybe even decline.” Total is one of the world’s largest oil producers. His forecast surprised many people at the conference.

Originally published on Gas2.

At the Bloomberg New Energy Finance conference in New York on April 25, Joel Couse, chief economist for Total, predicted that sales of electric cars will surge from about 1% globally in today’s new car market to up to 30% of the market by 2030. If that happens, he says, demand for petroleum based fuels “will flatten out, maybe even decline.” Total is one of the world’s largest oil producers. His forecast surprised many people at the conference.

The forecast by Couse is the highest yet by any major oil company. It even exceeds the expectations of Colin McKerracher, the head of advanced transport analysis at Bloomberg New Energy Finance. “That’s big,” he said. “That’s by far the most aggressive we’ve seen by any of the majors.” Michael Liebreich, who founded Bloomberg New Energy Finance, said, “By 2020 there will be over 120 different models of EV across the spectrum. These are great cars. They will make the internal combustion equivalent look old fashioned.”

Battery prices, which account for almost one half the cost of electric cars today, are falling by as much as 20% a year. That price drop is what is expected to propel electric cars into being a major part of new vehicle sales in years to come. Volkswagen expects 25% of its sales to be electric by 2025. Toyota plans to stop selling cars powered by fossil fuels completely by 2050.

Another factor holding back the sale of electric cars today is the lack of recharging infrastructure, but progress is being made there as well. Tesla announced this week that it is doubling the size of its Supercharger network by the end of 2017. Electric car chargers are now more common along principal transportation routes in the US. Chargers that can provide up to 350 kW of power are on the drawing boards and expected to become available in the next few years, reducing charging times dramatically.

The prediction may be startling, but it could turn out to be too cautious. The electric car revolution is building momentum and could significantly disrupt the new car market faster than anyone, even Joel Couse, expects.

Source: Bloomberg New Energy Finance


Appreciate CleanTechnica’s originality? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 
 
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Written By

Steve writes about the interface between technology and sustainability from his homes in Florida and Connecticut or anywhere else the Singularity may lead him. You can follow him on Twitter but not on any social media platforms run by evil overlords like Facebook.

Comments

#1 most loved electric vehicle, solar energy, and battery news & analysis site in the world.

 

Support our work today!

Advertisement

Power CleanTechnica: $3/Month

Tesla News Solar News EV News Data Reports

Advertisement

EV Sales Charts, Graphs, & Stats

Advertisement

Our Electric Car Driver Report

30 Electric Car Benefits

Tesla Model 3 Video

Renewable Energy 101 In Depth

solar power facts

Tesla News

EV Reviews

Home Efficiency

You May Also Like

Cars

Germany saw plugin electric vehicle market share reach 22.1% in April 2021, with full battery electrics at 10.3%, their second highest ever share. The...

Cars

The Volkswagen ID.3 seems like it just hit the market, but the attention has already shifted to the Volkswagen ID.4, and that’s because the...

Autonomous Vehicles

Argo AI seems to be one of the top autonomous driving startups out there. It has significant backing from Ford and Volkswagen. Their investments...

Cars

The UK saw plugin electric vehicle market share at 13.25% in April 2021, with full electrics at a healthy 6.5% despite recent cuts in...

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.