Electric vehicles – increasingly seen as a key enabler of the energy transition in tandem with renewables – will hit the car market "faster and harder" than previously thought, said new research released on the day France said it would stop building petrol cars by 2040 and OEM Volvo vowed to change tack by 2019.
EVs will account for 54% of new light-duty vehicles sold by 2040, said research group Bloomberg New Energy Finance (BNEF), as it revised up its previous 35% share forecast to reflect plunging costs for key components – most notably lithium-ion batteries – and the growing number of major manufacturers pledging to advance electric models.
