The electric-car boom is so real even oil companies say it's coming

NEW YORK (April 26): Electric cars are coming fast -- and that’s not just the opinion of carmakers anymore. Total SA, one of the world’s biggest oil producers, is now saying EVs may constitute almost a third of new-car sales by the end of the next decade.

The surge in battery powered vehicles will cause demand for oil-based fuels to peak in the 2030s, Total Chief Energy Economist Joel Couse said at Bloomberg New Energy Finance’s conference in New York on Tuesday. EVs will make up 15% to 30% of new vehicles by 2030, after which fuel “demand will flatten out,” Couse said. “Maybe even decline.”

Couse’s projection for electric cars is the highest yet by a major oil company and exceeds BNEF’s own forecast, said Colin McKerracher, head of advanced transport analysis at Bloomberg New Energy Finance.

---

Related Stories

• Chinese EV makers slip further in Europe amid tariff tussles
• COP29 ends with deal on climate finance after bitter fight
• COP29 climate talks on the brink as finance deal remains elusive

---