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EV Surge Slows Gasoline Growth: Wood Mackenzie Predicts Halving of Demand by 2024



Coverage: Electric Vehicles Curb Gasoline Consumption Growth

The consultancy firm Wood Mackenzie forecasts that the increasing popularity of electric vehicles in the U.S. and China may lead to a 50% reduction in gasoline demand by the year 2024.

According to the report, it is anticipated that the demand will go up by 340,000 barrels each day, reaching 26.5 million barrels per day over the course of this year. However, this marks the most sluggish pace of growth since 2020, falling from the previous year's increase of 700,000 barrels per day. Reuters points out that this deceleration is partially due to the fact that China is approaching its maximum demand for transportation fuel, while the U.S. has already exceeded it, a trend influenced by the rise in electric vehicle sales.

BYD Seal Model

Analysts from Wood Mackenzie have observed a slight increase of around 2% in the total registrations of electric vehicles (EVs), yet the growing presence of these EVs is believed to be significant enough to influence the demand for gasoline. This is noteworthy because, particularly in the U.S., the number of gasoline-powered vehicles has expanded concurrently with the rise of EVs.

Wood Mackenzie anticipates a rise in electric vehicle (EV) sales as the year progresses. In China, which holds the title for the biggest market for new cars globally, domestic experts forecast a growth reduction to 24% this year from last year's 36%. However, this still represents an additional 11 million new EVs, according to Wood Mackenzie's observations. Furthermore, the International Energy Agency (IEA) suggests that decreasing prices might result in EVs capturing a market share of 45% in China, 25% in Europe, and 11% in the U.S. within this year.

Upcoming 2024 version of the Model Y, presented by Tesla, Inc.

Some experts forecast that by 2030, electric vehicles might constitute over 66% of worldwide car sales, marking a turning point where the overall patterns of fuel supply and consumption will notably shift.

The worry about the strain on the power grid and increased pollution from the move to electric vehicles exists, but improvements in EV efficiency over time could mitigate these issues. Moreover, as electric vehicles continue to evolve, they become more adept at utilizing diverse energy sources.



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Kia has announced the EV3 will enter production. Meanwhile, Rivian is overhauling its Normal, Illinois facility to boost its production capabilities for the R2 model. The surge in electric vehicles is already impacting the demand for petrol. Plus, we explore the question: How small can an electric vehicle be while still being considered substantial? Stay tuned for more updates at Green Car Reports. Rivian is adjusting the production capabilities at its Illinois factory to reach a target of 155,000 units per year of its more budget-friendly R2 SUVs. This figure surpasses the total number of electric vehicles Rivian has delivered since the launch of its R1 series roughly two and a half years ago. Kia has given the green light for production of its small-sized electric SUV, the EV3.

Rivian will overhaul its sole manufacturing facility to increase its total yearly production capacity to 215,000 vehicles as the company prioritizes cash flow management.

The compact electric vehicle designed for neighborhood use is set to launch in the U.S. later this year, equipped with a speed restriction of 25 mph and an upgraded battery pack.

The release of this small electric vehicle in the United States is a possibility, although not yet definitively announced, and it could potentially compete with the likes of the Volvo EX30 and Mini Countryman.

BMW is establishing an EV battery facility in Mexico, just below the US border. Ram is">king to expand its capabilities in the hydrogen fuel-cell arena. Meanwhile, the reason behind rural administrations deeming EV charging infrastructure as a lower priority is explored. Stay tuned for these stories and more at Green Car Reports. The construction of BMW's new battery factory in Mexico has commenced, with the aim to enhance…

There seems to be a split between urban and rural perspectives when it comes to preparing for electric vehicle charging infrastructure. In Michigan, about 30% of municipal leaders find planning for EV charging stations highly pertinent, in contrast to only 10%

Stellantis has announced its intention to initiate the production of a hydrogen fuel-cell variant of the Ram 5500 heavy-duty truck in Mexico, targeting consumers in North America.

An increase of 20% in battery power and a 30% improvement in charging rate and driving distance might give these soon-to-be-released budget-friendly BMW electric vehicles an advantage over Tesla.

Electrify America is actively broadening its reach. Electric vehicles contribute to solving the problem of air pollution. Tesla has discontinued its entry-level Model Y in favor of a model with 320 miles of range, with just a $2,000 price increase. Additionally, is the Tesla plug the answer to our charging issues? Stay tuned for these stories and others at Green Car Reports. Tesla has called off its…

Most problems with CCS fast charging stem from compatibility issues, such as network-wide payment difficulties, and an experienced executive in the charging field emphasized that switching the type of plug won't solve these issues.

This past year witnessed the most extreme surges in lethal air pollution linked to transportation ever noted in the 25-year span of the yearly report by the American Lung Association.

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