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OPEC bashes prospects for electric cars

OPEC bashes prospects for electric cars

LONDON (CNNMoney) — Warning: If we are a believer of Tesla, electric cars and alternative-energy vehicles, this news will dissapoint you.

OPEC is presaging that 94% of cars on a highway will still be powered by oil-based fuels in 2040.

“Without a record breakthrough, battery electric vehicles are not approaching to benefit poignant marketplace share in a foreseeable future,” a classification pronounced in a annual World Oil Outlook.

The organisation predicts battery-powered electric cars will constraint only 1% of tellurian automobile sales by 2040.

OPEC says there will be tiny direct for other alternative-energy vehicles powered by hydrogen fuel and healthy gas due to high costs and a miss of refueling stations.

OPEC — a organisation of vital oil producing nations — depends on oil-guzzling industries like a travel zone to make money, so it isn’t startling that it’s not entertaining a enrichment of alternative-energy cars.

OPEC depends hybrid electric cars as oil-powered, since many of them run on gasoline. It says variety will constraint 14% marketplace share by 2040.

While electric cars are gaining in popularity, they still make adult a really tiny splinter of altogether tellurian sales.

In a U.S., electric vehicles and variety are foresee to constraint only 3.3% of altogether automobile sales this year, according to information from marketplace comprehension organisation LMC Automotive.

And in Western European nations, sales of electric, hybrid and choice appetite vehicles have gained marketplace share, though still paint about 4.4% of sum automobile sales, according to LMC Automotive.

The OPEC news predicts that even as newcomer cars turn some-more fuel fit and hybrid sales boost significantly, cars will still devour some-more oil as a share of vehicles on a roads some-more than doubles over a subsequent 25 years.

The classification predicts cars and trucks will devour about 17% some-more oil in 2040 compared to currently as fuel direct from new business in China and India shoots up.

The OPEC news says that over 40% of tellurian oil direct comes from highway vehicles. That’s not approaching to change over a subsequent 25 years.

This story was initial published on, “OPEC bashes prospects for electric cars

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