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Gas Guzzlers Set to Fade as China Sparks Surge for Electric Cars

May 21, 2018, 1:59 PM

The century-long dominance of gasoline-engine cars will sputter in coming decades as incentivized Chinese buyers and more-efficient manufacturers combine to put electric vehicles atop the sales leader board.

By 2040, more than half of all new car sales and a third of the planet’s automobile fleet —equal to 559 million vehicles—will be electric, according to a global outlook published May 21 by Bloomberg New Energy Finance. EVs will achieve upfront cost parity with internal-combustion engines beginning in the mid-2020s, helping trigger a tectonic shift in car sales.

General Motors Co., Toyota Motor Corp., BYD Co. and Volkswagen AG are pouring ...