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#30 | GLOBAL: EV's cheaper than fossils by 2027, IEA 2020 conclusions

This week's most notable developments and insights on EV's globally.
BNEF & TE study
Image: T&E

EVs will be cheaper than petrol cars in all segments by 2027, a BloombergNEF study commissioned by T&E found. The senior director for vehicles and emobility at T&E, Julia Poliscanova said (link):

EVs will be a reality for all new buyers within six years. They will be cheaper than combustion engines for everyone, from the man with a van in Berlin to the family living in the Romanian countryside. Electric vehicles are not only better for the climate and Europe’s industrial leadership, but for the economy too.

The International Energy Agency (IEA) launched its 2021 report for the global EV outlook. I mentioned IEA's last report on the very first newsletter (here's the #1: (link)).Key takeaways (link):

  • Roughly 3M new EVs were registered last year, a 41% rise compared to 2019.
  • Total stock of EV passenger cars should be over 10M, plus about 1M electric buses, vans and heavy trucks.
  • IEA expects the number of electric cars, buses, vans and heavy trucks on the road to hit 145M units by 2030.
  • Consumer spending on EVs in 2020 totaled $120B, with gov supports at $14B, the latter being the 5th year in a row the share of support-to-total-amount decreasing.
  • I remember from the last IEA report they estimated EV sales to have a 3% share in global car sales in 2020. Now they reported it was 4.6%, so we might assume a slight underestimation for the future.

The Electrification Coalition delivered a letter to Michigan Governor Gretchen Whitmer on Wednesday, urging the governor to join the Multi-State Medium- and Heavy-Duty Zero Emission Vehicle MoU. The Coalition includes 58 businesses like Rivian, Volvo, EVgo, Lordstown and Arrival among others (link).

The entire US transit fleet could transit to electric vehicles by 2035 for... $56B - $89B, per CTE study (link).

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