Mining and resources giant BHP has raised its projection for the uptake of electric vehicles, saying that electric vehicles could achieve more than 50 per cent share of global new vehicle sales by 2030, and 100 per cent of all vehicle sales by 2050.
Even with a more muted outlook, BHP considers that nearly half of all new car sales will be electric by 2050.
By 2070, the entire globe’s light vehicle fleet could be completely electric, based on 100% EV sales by 2040 and with a fleet turnover over three product lifecycles (the global average product lifecycle is about 10 years for vehicles).
BHP’s forecast of a 50 per cent share for EVs in new vehicle sales was released last week, along with its own strategic announcement that highlighted an early end for thermal coal, and a rapid uptake of electric vehicles.
This came just days after a bitter election campaign in Australia, where Labor’s own target for a 50 per cent share of EVs in new vehicle sales by 2030 was mocked and demonised by the Coalition government and most of mainstream media.
BHP expects that by 2035 there will be a minimum of 132 million light battery electric (BEV) and plug-in hybrid electric (PHEV) vehicles on the road by 2035 and 561 million by 2050.
To read the full story on RenewEconomy’s electric vehicle dedicated site, The Driven, click here…