The internal combustion engine has already reached a peak in sales. That startling conclusion comes from a new report from Bloomberg New Energy Finance (BNEF). “Sales of internal combustion passenger vehicles have already peaked, and may never recover unless EV growth falters, or major economies such as China invest in significant stimulus programs,” BloombergNEF wrote. EVs may reach price parity with the internal combustion engine by the mid-2020s, even as there is variation between countries and market segments. But new policies are largely heading in one direction: tighter or more costly restrictions on vehicle emissions, which will favor EVs over gasoline and diesel. To be sure, EVs still account for only about 0.5 percent of the auto market. But while EVs may be growing from a small base, they are growing quickly. Over 2 million electric vehicles were sold last year, up from a few thousand in 2010, “and […]