So, Volvo just made a huuuuuuge announcement last week- all models introduced starting 2019 and after will either be (1) hybrid vehicles (running on electricity stored in a battery with a small gas tank which can be used once charge runs out of the battery) or (2) completely electric (battery storage) vehicles.
Most all major auto manufacturers are designing and have introduced hybrid and electric vehicles to meet growing consumer demand and to make a smart business move of diversifying their model portfolio, so to speak. Leave it to the Scandinavians (Volvo = Swedish) to put pressure on the king in this game of chess.
Nerd alert: (this is the crux take away)
Overall, this is worth watching in the trend of energy. With Tesla and now Volvo going full monty electric, electricifacriton of the transportation fleet will continue to gain market share. In the short run, electric vehicles will still be a minority in the scheme of things. But, a growing share leads to a domino effect- less demand for petroleum in transport means there continues to be supply of petroleum in the global marketplace (i.e. prices/revenues remain low when there is plenty of supply to meet demand). This continues to be hard on economies which rely on income from petroleum products (example OPEC countries, Russia and Venezuela). Also, as batteries permeate (both static storage facilities and fuel sources in vehicles) the electricity mix can, and probably will, continue to evolve.
Who’s ready for a road trip?!