In April I wrote this ...
According to Wired, by 2022 vehicles that run on electricity will cost less than cars that run on gasoline. What this means, according to Bloomberg, is that electric vehicles will displace oil demand by 2 million barrels a day between 2023 and 2028, creating an oil glut like the one we saw in 2014 (when oil prices collapsed).
Because advances in batteries and clean energy are happening at a faster rate than anticipated, electric vehicles will dominate our transportation systems faster than we think.
How much faster? Check out what Volvo just did.
Volvo Cars just announced that beginning in 2019 all new Volvo models will be either be fully electric or a hybrid. The CEO of Volvo Cars, Hakan Samuelsson, said that the company's decision "marks the end of the solely combustion engine-power car," and promised that Volvo would sell one million electric or hybrid cars by 2025.
Volvo - which is now owned by Chinese group - is responding to market trends, where municipalities are increasingly banning diesel vehicles in their cities and the growth of Tesla (whose market value surpassed Ford, GM, and BMW).
You can read more about Volvo's decision by clicking here.
You can also read about Volvo's parent company's decision to purchase Terrafugia, a flying car startup, by clicking here.
- Mark
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