Equity Analysis /
United Kingdom

GB : Power - Several reasons to be optimistic

    Adam Collins
    Adam Collins

    Analyst - Speciality Chemicals & New Energy

    Janardan Menon
    Janardan Menon

    Analyst - Technology

    CGS-CIMB
    14 April 2021
    Published by

    2020 was a tipping point for Electric Vehicles. Global sales grew 40% despite COVID as European sales more than doubled. Policy support increased, car-makers reaffirmed their investments and drivetrain costs continued to fall bringing cost parity with ICEs nearer. We forecast 29% EV share in 2030E, 61% 2040E for a 10/20yr sales CAGR of 27% and 18% making this a multi-decade megatrend.