80% Of The Cars On The Road Will Be EVs In Less Than 10 Years, Tom Steyer Says

Less than 1% of the cars currently on the road are electric, according to JD Power.

By 2030, that number will increase exponentially and electric cars will account for 80% of the cars on the road, billionaire Tom Steyer says.

If the one-time presidential candidate's prediction is true, it should be great news for electric vehicle (EV) makers like Tesla Inc (NASDAQ: TSLA) and Rivian Automotive Inc (NASDAQ: RIVN).

But, it may not be so sweet for legacy automakers like Toyota Motor Co (NYSE: TM) and Ford Motor Co (NYSE: F), as their margins on electric cars are not as high as traditional internal combustion engines.

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Certain states are passing laws and regulations to encourage electric car development. California passed a bill that requires all cars sold beyond 2035 to be zero-emission, which includes electric vehicles, plug-in hybrids and more. 

Steyer, who is chair of Galvanize Climate Solutions, gave his comments at a recent Axios event. New York Congressman Ritchie Torres, as well as former Obama administration cabinet member, Justina Gallegos, also spoke at the event about America’s journey toward sustainable energy. 

Steyer said that a potential Donald Trump victory in the 2024 presidential election will not deter investments in the clean-energy space. 

“This is about capitalism winning,” Steyer said. “Bringing better, faster, cleaner, cheaper products to consumers and costumers.” To watch Steyer’s full interview, click here.

Image by (Joenomias) Menno de Jong from Pixabay