Hyperdrive
The World Hit ‘Peak’ Gas-Powered Vehicle Sales — in 2017
While internal combustion vehicles will make up the majority of US deliveries this year, electric cars are taking a larger share of global auto sales.
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Global sales of internal-combustion-engine vehicles have fallen each year since 2017 thanks to electric cars taking up a growing share.
The result: The world has hit “peak” gas-powered vehicle sales, said Colin McKerracher, BloombergNEF’s head of transport and automotive analysis, at the group’s summit Tuesday in San Francisco. Since that peak in 2017, gas-powered vehicle sales have dropped 23%. At the same time, EV sales have steadily risen.