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Gas Guzzlers Set to Fade as China Sparks Surge for Electric Cars

  • China EV sales to reach 5.2 million units a year by 2025: BNEF
  • U.S. drivers will have double the EV models to choose from
Bloomberg business news
Chinese consumers may buy half of all new EVs sold in the world by 2025. Bloomberg’s Ramy Inocencio reports.(Source: Bloomberg)
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The century-long dominance of gasoline-engine cars will sputter in coming decades as incentivized Chinese buyers and more-efficient manufacturers combine to put electric vehicles atop the sales leader board.

By 2040, more than half of all new car sales and a third of the planet’s automobile fleet -- equal to 559 million vehicles -- will be electric, according to a global outlook published Monday by Bloomberg New Energy Finance. EVs will achieve upfront cost parity with internal-combustion engines beginning in the mid-2020s, helping trigger a tectonic shift in car sales.