With the global energy transformation well underway, few clean energy industries, if any, are growing at a greater rate than the electric vehicle industry. A decade ago, a total of 130,000 electric vehicles were sold worldwide; today, approximately the same number are sold in less than a week.
To use a cliché, the EV industry has been playing chess while the rest of the world plays checkers, with combined sales of battery-electric and plug-in hybrid vehicles more than doubling to about 6.6 million vehicles last year.
However, that enormous loss in market share will not be due to any failure on Tesla’s part—the firm is predicted to grow strongly this year—but rather to the EV universe’s spectacular growth, with 146 models expected to be available in the United States in 2025, compared to just 24 in 2020. Oil and gas investors, understandably, are wary of the recent revelation, given that electric vehicles are widely regarded as the sector’s arch-enemy. According to the most recent EV study, the transition from ICEs to is moving at a faster-than-expected rate, possibly due to a rush of ICE heavyweights jumping into the EV race.