A favorable political environment is needed to support electric vehicle policies, and countries must be wealthy enough to afford subsidies. EV policy also needs to be clear and sustained to give consumers and automakers certainty.
Despite the rise in EV sales in China, long-term trends of a rising population and a growing middle class will increase the country’s appetite for petroleum.
U.S. gasoline and other motor fuels spending increased throughout 2017, reflective of rising prices and continued high demand.
Low gasoline prices have pushed consumers towards SUVs and other large vehicles, but automakers aren't giving up on electric vehicles yet.
Even as low gas prices have pushed consumers towards light trucks and SUVs, automakers are putting a broader range of electric, plug-in hybrid, and hydrogen vehicles on the showroom floor.