European Bank Says Electric Vehicles Will Dominate By 2035

Dutch bank ING has released a damning prediction today: by 2035, EV sales will be 100% of new vehicle sales in Europe. The bank cited three reasons for this; increased government support, economies of scale, and falling battery costs.

This prediction is considerably more aggressive than others. It should also be noted that this isn't some Greenpeace report, it's from one of the largest banks n Europe, ING.

Within the report, the bold predictions just kept coming. They estimated that range anxiety would die out in the 2020's. They said that by 2024, the total ownership cost of an electric vehicle would fall below that of a internal combustion car. The report cited Volvo's recent transformation to electrification as an example of how automakers were shifting much more quickly than anticipated. Lastly, the report said that virtually all miles driven will be electric by the year 2040.

All new Jaguar electric vehicle

The report was headed by Stanford economist Tony Seba, which certainly lends some more credibility to it's predictions. However, only the future can truly vindicate this forecast.