Sales of electric vehicles are growing at 55% a year. California and the EU have both banned the sale of new combustion vehicles after 2035. Yet in 2050 drivers will still be plying the world’s roads in up to 1 billion combustion vehicles, according to leading analysts. Combustion’s tenacity will exacerbate the extreme weather conditions experienced around the world this summer, funnel more than $1 trillion a year in revenue to the oil industry, and give the major automakers more time and cash to make the transition to EVs.
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