26 Oct '16, 12pm

Electric cars pose 'resoundingly negative' threat to oil companies: analyst Fitch

Electric cars pose 'resoundingly negative' threat to oil companies: analyst Fitch

Stephen Edelstein 284 views Oct 26, 2016 2016 BMW i3 Enlarge Photo It goes without saying that mass adoption of electric cars would lead to a massive decrease in oil consumption over time. So far, though, the oil industry hasn't seemed to give plug-in electric cars much attention. ExxonMobil and OPEC have both predicted that, even by 2040, electric cars will make up less than 10 percent of global new-car sales. DON'T MISS: What does OPEC think about electric cars? Same as Exxon: no threat But a leading credit agency believes the oil industry should view electric cars as a much more serious threat. Fitch Ratings believes electric cars pose a "resoundingly negative" threat to oil companies, and that the industry should plan for "radical change," according to the Financial Times (subscription required). In a report on the potential impact of battery technology on established ...

Full article: http://www.greencarreports.com/news/1106890_electric-cars...

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Electric cars will require 10,000-plus job cuts at VW, says HR chief

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