Opec and the oil barons face a slow death by electrification

From Ambrose Evans-Pritchard:

Tesla’s mass-market Model 3 will be launched this Friday at a starting price of $US35,000 ($43,725) and a battery range of 215 miles (346 kilometres) , with a target of 1 million sales annually within three years….

The argument at the big global banks has shifted from whether peak oil demand will occur to how soon it will occur. Goldman Sachs said this week that it could hit by 2024 in “an extreme case”. That is not extreme enough for Tony Seba from Stanford University and RethinkX.

…Professor Seba thinks EVs will reach cost parity within five years as prices fall below $US20,000 (versus $US24,000 for the average oil-based car today). Thereafter they will sweep the field on cost alone. With far fewer moving parts and a potential lifespan of half a million miles, they will render the combustion engine obsolete.

Source: Opec and the oil barons face a slow death by electrification

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