Electric vehicles and plug-in hybrids displaced 2.3 million barrels of oil consumption per day in 2025, according to research from BloombergNEF. That number should more than double by the end of the decade as sales of battery-powered cars continue to climb globally, the company projects.
Despite the slowdown in the U.S., EV sales continue to grow robustly in the rest of the world, including in major economies like China, Europe, and India. According to Benchmark Mineral Intelligence, automakers sold 20.7 million plug-in vehicles worldwide last year, representing 20% year-over-year growth.
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