It's not often that you hear about oil companies claiming that electric vehicles will make a significant impact in the future, and even less often that a major oil company claims that electric vehicles will soon makeup 40% of the automotive market, but this is exactly what has occurred.
Shell CEO Peter Voser said that he expects electric drive vehicles that make up for as much as 40% of the entire automotive market by 2050. 2050 may be a long time from now, but considering that Shell, owned by Royal Dutch, is a major oil company, admission of future EV success is a breakthrough.
CEO Voser said that increases in the cost of gasoline along with technological advancements in the EV field will soon lead buyers towards the new technology. Voser added, "We think between now and 2050, we will go from 1 billion cars to 2 billion cars worldwide. We think by 2050, roughly 40 percent of those 2 billion cars will be electric."
How does Shell prepare for a future with less gasoline powered vehicles on the road? The company has already began several alternative fuel programs. They recently launched a $21 billion joint venture working with ethanol fuel. They have also concentrated efforts on biofuels, wind power, and other renewable energies.
The electric car is coming and even big oil is getting ready!
Source: Wall Street Journal via Edmunds