It is sometimes the scarcity of electric vehicles on the road that speaks loudest. Where are all the EVs?
They’re coming, according to the latest report from Wood Mackenzie, the natural resources research firm. While EVs accounted for 3 percent of vehicles sales and only 0.5 percent of vehicles on the road in 2019, the next 10 years are expected to be a decade of growth, with EVs moving from 3 percent of new vehicles sales in 2019 to 14 percent by the end of the decade. Within that same timeframe, the share of hybrid vehicles will climb from 4 percent to 9 percent, while combustion engine vehicles are forecast to decline from 79 percent to 66 percent.
If that forecast comes to pass, it will result in petroleum sales falling by 1 million barrels a day from the impact of higher EV usage alone.
While the focus of the previous decade