The World is Switching to Electric Cars Faster Than You Think…
Bloomberg has just reported that the entire world is switching to EVs much faster than you think. Developing nations are surging ahead as their enthusiasm for EVs and the much cheaper prices of actually owning one are catching on. Now, a lot of people would think, well, developing countries, surely they’re not going to buy an EV. They’re more expensive. But a lot of these countries, the local citizens are installing their own solar panels. A lot of them are doing this, buying them on the black market. They’re trying to get around paying electricity bills in their own countries, which can often be, well, often be impossible for them to pay. Quite often they’re not even connected to electricity. Look at the explosion of solar in Pakistan. You can see why these people could benefit enormously from having an electrified vehicle because if they’ve got solar panels, uh they can provide their own power. This year, electric car sales have increased by nearly 30% worldwide. And a lot of people don’t know this. So, if you know someone, and I know you do, that could benefit from this message, please share it with them. Hello, my friends. Welcome to the channel. I’m Sam Evans. You’re watching the Electric Viking. YouTube’s new algorithm means that you’re often not getting all of our videos in your feed. There’s 7,500. I’m pretty sure you’re probably not seeing a lot of them. In the description, there is a link to our newsletter. Click on that and you can get an update every day of all the latest news in the electric car industry. Adam Tus writes for Bloomberg that the global transition to electric cars is accelerating far more rapidly than public perception in the United States and Australia suggests driven by falling battery prices policy incentives in some places but more so market dynamics particularly in China. Tus says the narrative of a slow or stalled EV adoption is false and he asserts the world is on track for EVs to dominate new car sales by the early 2030s with profound implications for energy, geopolitics and climate goals. And guys, let’s go one step further. Profound implications for your retirement savings. Are you invested in fossil fuel companies? If you are, that could be a big problem for you. you instead of your actual retirement savings, you know, staying what they are or increasing, they could fall drastically. The main thesis here is that EV sales are actually exploding globally, which is completely contrary to the media’s narrative. 2024, there was 17 million EVs sold, more than the total number of EVs on roads in 2020. The growth, it’s uneven, but it’s unstoppable. China leads with over 9 million sales in 2024, 60% of the global total. And this year, China is actually on track to hit potentially 12 million. Now, EVs accounted for new 40% of new car sales, up from 5% in 2020. And in the month of September, electrified vehicle sales actually hit 59% in China. two says that Bloomberg NEF data showing China’s EV market share hitting 45% in mid 2025 fueled partially by subsidies local battery production cheaper batteries sodium batteries will make batteries probably 50% of the price they are today in a couple of years time and affordable models like J’s hatchbacks and build seagull priced at around $10,000 is driving this revolution Europe’s share is 25% boosted by Europe’s 2035 ICE ban and Norway’s 90% EV sales. In fact, Norway has now hit 98%. In September, 98.5%. Only 1.5% of people bought a hybrid or an internal combustion car. Imagine the resale prices in Norway of cars that are not electric. The United States lags way behind at 8%. And Jim Farley, the CEO of Ford, recently warned people. He said EV sales could fall by 50% because of the end of subsidies in the US. Imagine if that happened in the United States. Imagine if EV sales did drop by 50%. The US would be so far behind the rest of the world. It would be incredibly disastrous for them. However, states like California are leading and the US, the rest of the other states, most of them are just so far behind. In California, there is 25% EV market share. And remember, there’s 40 more than 40 million people in California. Key data points underscore the speed of which this is happening. Battery prices plummeted 90% since 2010 to US $100 per kilowatt hour. And in China, lithiumine phosphate batteries at the sale price are now around $55 US per kilowatt hour. This means EVs are cheaper than internal combustion cars in many markets. And those prices will continue to drop, especially as we see these new sodium batteries being used. Global EV sales are projected to reach 25 million in 2025. that will displace 2 million barrels of oil daily by 2026. TW’s quotes the IAA’s faith bureau the EV revolution is happening faster than most people think and he highlights China’s role as the factory of the world exporting 1.2 2 million EVs in 2024 and pressuring legacy automakers like Ford, General Motors and Volkswagen and even Toyota to accelerate electrification or risk obsolescence going bankrupt potentially. They have a lot of debt. These companies people don’t realize even though they’re selling a lot of cars, they actually have huge amounts of debt repayments that they they have to actually continue to to fulfill on a monthly basis. Now, is there some skepticism? Yes. However, Bloomberg says that while infrastructure lags in some regions, the economics are irreversible. EVs are 20 to 30% cheaper to operate. But if you’re powering them yourself with solar, well, the differences are much greater than that. Total cost of ownership favors them even in coal heavy grids due to life cycle emission savings. 50 to 70% lower CO2 versus internal combustion per MIT studies. So even if you are living on a in a state where basically all your power comes from coal and there’s not many like that states like that anymore, but if you are, it’s still 50 to 70% cleaner to buy an EV. However, geopolitical shifts are an issue. China’s battery supply chain controls 80% of globe of the global battery market and that could reshape trade with US tariffs risking supply shortages. However, things are optimistic. They’re looking up. EV sales continue to grow. Like I said, up nearly 30% this year. The EV shift is faster than you think. And with 2030 as the tipping point for majority EV sales globally, in other words, without question, EV sales will be above 50% worldwide by 2030. You can see exactly where the planet is heading. Now, what do we need? Well, we need accelerated policy support to avoid a world of chaos from uneven transitions like what’s happening with the Trump administration in the US. Because EVs are not just about cars. They’re not just about being able to walk in your city without breathing in toxic fumes. They’re also about a broader energy revolution, reducing all dependence potentially by 20% by 2030. Thanks for watching. [Music]
The World is Switching to Electric Cars Faster Than You Think…
Global EV adoption is accelerating far beyond earlier forecasts, driven by plunging battery costs, government incentives, and rapid expansion of charging networks. From Europe to China and the U.S., automakers are phasing out combustion engines faster than anyone expected.
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👇Reference to the news/charts & videos used in this video:
https://www.bloomberg.com/opinion/articles/2025-08-10/the-whole-world-is-switching-to-evs-faster-than-you?fbclid=IwY2xjawMU_VhleHRuA2FlbQIxMABicmlkETFzWjhWTWFNY0JtY29jUVJNAR6GWYWbTQxGhpKvmh7p4vH7JX7UbL803cPBB3blsbCc7mXo7iSvPitwYA8Oag_aem_eSkO4E9lPxgMWO-YhVT-cg
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