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Gas-powered vehicle sales have ‘peaked’ as electric set for massive growth, analysis finds

Gas-powered vehicle sales have ‘peaked’ as electric set for massive growth, analysis finds

Abby Smith of The Washington Examiner reports that gas-powered vehicle sales have peaked, according to a new study.

The C3 Take
  • BloombergNEF, in its latest Electric Vehicle Outlook, has estimated that gas-powered vehicle sales have peaked and electric vehicle sales will continue to spike.
  • In 2020 EV sales had a breakout year, despite the auto industry’s decline due to the pandemic.
  • The shift from gas-powered to electric vehicles is being driven primarily by market forces, as more consumers are looking to buy EVs.

“Electric vehicles will rise to dominate car sales in the next two decades, though their adoption will fall short of global climate goals without new government incentives and tighter emissions standards, according to BloombergNEF.”

Read the full article here.

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