One of the biggest changes you’re likely to see in your lifetime is the shift from petroleum-powered engines to electric vehicles (EVs). According to research provider Bloomberg New Energy Finance (BNEF), 1.7 million EVs were sold worldwide in 2020, representing just 2.7% of new car sales. By 2030, however, BNEF predicts annual global EV sales will hit 26 million – and by 2040, over half of all vehicles sold will be electric.
There are four major factors driving this change. First, increasing choice: BNEF estimates that there’ll be over 500 different EV models available by 2022, including everything from hatchbacks to big rigs. Second, cost is falling. Even without buyer subsidies, BNEF expects EVs to reach price parity with most gas and diesel vehicle types by the mid
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