Oil for ICE is about 50% of demand.Good comments
EV penetration is about 2% with about 50% growth PA. ICE motor vehicle is about 10% growth rate PA. At those rates there is still more demand to come.
It comes down to 2% @ 50% v 98% @ 10% fighting for the market going forward. While I don't think EV will maintain 50% PA growth throughout it's rise using it anyway I think you are about 10-15 years too early.
I do believe in the evolution of EV and batteries however at a more realistic rate.
IMHO DYOR
The ICE contribution growth is coming from the developing world, where electricity is not widely available at present. This is part of the sticky demand I was referring to.
I also believe that electric vehicles will grow their share, but there are still barriers. I am buying a new car at present. I am not considering an electric vehicle. Maybe I am too old and set in my ways LOL.
Cheers, AL
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