When Tesla announced that it had built 7,000 cars in a week, I got excited. Even though electric vehicles (EVs) make up only a small percentage of new car sales in most countries, those sales are growing rapidly.
But how long before they really start to take a bite out of oil demand?
Norway offers some clues, where years of generous—some would say unsustainable—incentives saw EVs and plug-in hybrid sales grow to 55% of the new car market in March. And the cumulative impact of those sales may have FINALLY translated into a drop in overall demand, with gasoline in particular seeing a 2.9% drop in sales.