Climate Changed
The Power Consumed by Electric Vehicles Is About to Surge 300-Fold
- Vehicles seen accounting for 5% of electricity use by 2040
- Electric vehicles will be more than half of new cars sold
QuickTake: The Drive Towards Cleaner Cars
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Electric vehicles aren’t just transforming the auto industry: They’re also about to reshape the global power market.
By 2040, more than half of all new cars sold will be plug-ins like those offered by Tesla Inc., according to a report from Bloomberg New Energy Finance. That means electricity demand from vehicles will surge 300-fold from last year’s consumption, the data show. Carmakers are committing to a shift away from combustion engines: Volvo said Wednesday that beginning in 2019, all of the company’s new models will have an electric motor, while BMW has said the electric iNext will replace the 7-Series as its flagship in 2021.