An electric Volkswagen Passat car is pictured at charging station at a VW dealer in Berlin, Germany, February 2, 2016. REUTERS/Fabrizio Bensch
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That will be the start of a real mass-market liftoff for electric cars.By 2040, long-range electric cars will cost less than $22,000 (in today's dollars), according to the projections. Thirty-five percent of new cars worldwide will have a plug.Yesterday, on the first episode of Bloomberg's new animated series Sooner Than You Think, we calculated the effect of continued 60 percent growth. We found that electric vehicles could displace oil demand of 2 million barrels a day as early as 2023 . BNEF takes a more methodical approach in its analysis today, breaking down electric vehicles to their component costs to forecast when prices will drop enough to lure the average car buyer.Batteries account for a third of the cost of building an electric car.By 2040, electric cars will draw 1,900 terawatt-hours of electricity, according to BNEF.The more miles a car drives, the more economical battery packs become.Every year that follows will bring more electric cars to the road, and less demand for oil.
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