The advent of EVs is reportedly making a dent in oil demand
According to a Bloomberg New Energy, oil industry experts project that demand for oil will be dramatically affected by the increasing adoption of electric vehicles (EVs). The higher sales of electric public transport vehicles in China and other countries, has already started making a dent in oil demand.
In an indication that EVs are now biting into oil demand, nearly 279,000 barrels of oil are being removed from demand per day, largely because of the fact that the equivalent of London’s bus fleet is being added by China every month or so.
Highlighting the fact that the change in oil demand due to the advent of EVs is largely being driven by economics, the Bloomberg New Energy report has elaborated that the total cost of EV ownership notably outperforms the alternative options.
As per the report, the total cost of ownership of a 110kWh battery e-bus coupled with the most expensive wireless charging option comes at par with a diesel-powered bus at approximately 60,000 km completed per year.
To explain the scenario differently, the report has asserted that, as compared to a diesel bus, running an e-bus with the smallest battery -- coupled with the most expensive wireless charging option -- is much cheaper in a medium-sized city, where the average daily distance travelled by buses is 170 km.
The report further added that “Even the most expensive electric bus at 80,000km per year has a TCO of $0.92/km, just at par with diesel buses.”
Chinese EV manufacturer BYD has recently announced that it is opening a new battery factory in the Qinghai province in western China.
Tesla CEO Elon Musk has said in a recent Twitter post that the company decided against the addition of eye-tracking sensors to the Autopilot hardware suite because it found the technology to be ineffective.
South America is still lagging behind in adoption of electric vehicles. Chinese companies are already approaching public transport authorities across the world to offer their electric and hybrid urban mobility solutions.
At the 2018 Beijing Auto Show last week, Chinese manufacturer BYD unveiled its all-electric E-SEED concept SUV. The unveiling of the E-SEED concept came in addition to the company’s introduction of its new Tang plug-in hybrid at the auto show.
Auto Express magazine has disclosed in a recent report that British automobile brand MINI is designing its second fully electric vehicle (EV), which is being developed exclusively for the Chinese market.
Tesla has received tremendous consumer response for its mass-market electric vehicle, Model 3. However, many consumers are still waiting for user reviews before they book their Tesla Model 3.