The electric vehicle (EV) boom is just getting underway.

For 2018, 361,307 EVs were sold out of a total of 17.5 million new cars in the U.S, EV sales were up 81% year over year.

But that’s just the start of bigger things.

Total SA’s chief energy economist believes electric cars could make up 15% to 30% of global new vehicle sales by 2030, as noted by Bloomberg.  The International Energy Agency doubled its 2030 forecast from 23 million to 58 million.  BHP Billiton projects that there will be 140 million electric vehicles on the road by 2035.

Automakers are Aggressively Jumping on Board

Automakers are developing electric cars as governments in China, India, and Europe move to ban gas and diesel engines over the next couple of decades.

Volkswagen plans to roll out three million electric cars annually by 2025.

Ford Motor is making investments of up to $11 billion in electrification.  Toyota has a goal of selling more than ten all-electric vehicles by 2020.  In fact, Toyota noted it would invest more than $13 billion in the development of technology through 2030.

Even better, Toyota and Panasonic are creating a joint venture to develop and produce high-quality EV batteries for “partners such as its Daihatsu unit, Mazda Motor Corp. and Subaru Corp. that together account for more than 20 percent of global car production,” notes Bloomberg.

BMW is now aiming to sell 500,000 electric vehicles globally by the end of 2019, meaning the company is aiming for sales to pick up quite a bit by then.

Volvo has pledged to produce every car model with an electric motor by 2019.

General Motors said it would launch 10 electric and gas-electric hybrid vehicles in China by 2020 as part of its plan to make and sell EVs in that country.  Even Volkswagen announced plans to invest $80 billion to bring 300 electric vehicle models to market in 2030.

From the Tesla models, Bolt, Volt, Focus and the Leaf, we’re just in the beginning stages of an EV revolution, especially as countries like China announce they will wind down production and sales of cars using fossil fuel.

While there’s definitely a worldwide impetus to move to EVs, many of these projections are extremely aggressive.  Time will tell how well these lofty goals have been accomplished.

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