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The report found that by 2040, electric cars can account for 57% of the total sales of passenger cars worldwide. This represents two percentage points of the 2040 BNEF forecast last year. BNEF expects that electric cars will account for a similar proportion of light commercial vehicle sales in the US, Europe and China during this time.
"We see real potential because the global sales of conventional passenger cars have already exceeded their peak," said Colin McRacher, BNEF's Chief Transport Officer.
Electric cars are closer to matching gasoline and diesel cars at the purchase price and are less expensive. This means that electric cars will soon overtake domestic combustion vehicles as a more economical option for consumers, according to the new report.

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