A new analysis from Bloomberg New Energy Finance (BNEF) suggests that global sales of gas-powered cars likely peaked in 2017, marking a major milestone in the shift to electric vehicles. Demand for conventional vehicles fell in 2018 and 2019 before dropping sharply in 2020 amid the coronavirus pandemic. While sales are likely to rebound as the pandemic ebbs, growing demand for plug-in vehicles means that gas-powered cars are almost certainly in “permanent decline,” according to the report.

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