Today’s Pickup: The rise of the electric vehicle

Chevy Bolt electric car

Good day,

Are you ready for electric vehicles? A new report from Bloomberg New Energy Finance (BNEF) says that electric vehicle (EV) sales will account for 33% of all light-duty vehicles on the road by 2040.  

BNEF anticipates that 54% of all new car sales globally by 2040 will be electric – that is up from 35% in its last forecast released in 2016, reported NGT News.

“We see a momentous inflection point for the global auto industry in the second half of the 2020s,” said Colin McKerracher, lead advanced transport analyst at BNEF. “Consumers will find that upfront selling prices for EVs are comparable or lower than those for average [traditionally fueled] vehicles in almost all big markets by 2029.”

Did you know?

Bloomberg New Energy Finance expects electric vehicle sales to top 3 million units by 2021 and account for about 4% of sales in the U.S. and 5% in Europe.

Quotable:

“We may be entering a nightmare of regulatory harmonization.”

- Jose Viegas, secretary-general of the International Transport Forum, on the need for global cooperation for setting sustainable trucking goals

In other news:

Goodbye, gas

France has announced a ban on the sale of gas and diesel vehicles by 2040. The country also announced an incentive program to encourage people to get rid of older vehicles starting next year. (Fortune)

Government finalizing automated technology guidelines

The federal government expects to unveil new guidelines for automated vehicles and technologies, perhaps as early as this fall. (Transport Topics)

Trade deficit narrows

The U.S. trade deficit narrowed a bit in May, shrinking nearly 3% to a seasonally adjusted $46.51 billion, the Commerce Department said. (Wall Street Journal)

Global cooperation needed

Panelists at the Movin’ On sustainability conference in Montreal last month noted that it will require global cooperation and harmonization of rules to push trucking further down the sustainability path. (Trucks.com)

Logistics platform working on blockchain

European logistics A2B is working on incorporating blockchain technology into its platform, which is designed to facilitate communication between shipper and carrier. (The Merkle)

Final Thoughts

Electric vehicles have been around since the early 1900s, and for decades it’s been speculated they would someday pass gas as a preferred vehicle fuel. The question is, is that transition finally taking place?

Hammer down everyone!