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Oil giant Shell bets on electric cars
Key Excerpts from Article on Website of CNN
Posted: October 16th, 2017
http://money.cnn.com/2017/10/12/investing/shell-oil-buys-ele...
One of the world's largest fossil fuel companies is betting on electric cars. Royal Dutch Shell revealed a deal on Thursday to acquire NewMotion, one of Europe's largest electric vehicle charging providers. NewMotion specializes in converting parking spots into electric charging stations. The Dutch firm has more than 30,000 electric charge points in Europe, [and] says its founding mission was to "contribute to a cleaner world by eradicating fossil fuels." Now, it will be owned by one of the world's largest fossil fuel companies, albeit one that is investing more on renewable energy. That makes sense because European investors and governments have been cracking down on oil's most reliable customer: the internal combustion engine. Norway, France, Germany and the U.K. have all announced efforts to phase out vehicles powered solely by fossil fuels. Shell is based in The Netherlands, where electric cars are popular and the government has set a target to boost sales even further. Barclays warned in a recent report that by 2025 oil demand could be lowered by 3.5 million barrels per day due to electric vehicles and increased fuel efficiency on conventional autos. If electric vehicles become one-third of the car market by 2040, oil demand could drop by 9 million barrels per day from today's levels, Barclays estimates.
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