Electric Vehicles

Electric vehicles (EVs) use electric motors powered by rechargeable battery packs instead of internal combustion engines burning gasoline or diesel. Though EVs existed in the early 1900s (before gasoline cars dominated), modern EVs trace their resurgence to Tesla's Roadster (2008), Model S (2012), and the vertically integrated gigafactory strategy. BYD (China) now sells more EVs than Tesla globally. The global EV transition represents the largest industrial transformation since the internal combustion engine replaced horses and steam — affecting oil companies, traditional automakers, mining companies (lithium, cobalt, nickel), electricity utilities, and service stations. Norway leads with 90%+ of new car sales electric; China has 60%+ EV penetration in new sales. EV batteries now cost $100/kWh (down from $1,000/kWh in 2008) — below the threshold for price parity with gasoline cars.