At Thursday’s presidential debate, former Vice President Joe Biden pledged to transition the U.S. economy “away from the oil industry.” This goal cannot be achieved without the electrification of road transport, which accounted for almost 70% of America’s oil consumption in 2019. Market forces and green government policies are accelerating this shift in the United States and around the world.
The electrification of transport is now one of the major trends of the 21st century, and the markets are reacting: the 700% year-to-date surge in China-based electric carmaker NIO’s stock value and Tesla’s TSLA +0.2% 415% growth since January show that investor excitement around electric vehicles is building.
