That's a strange statement considering that 20% of new vehicles sold globally are EVs. And that's not just China propping up the numbers: 20% of new vehicles sold in the EU are EVs as well.

Obviously that's not "fully replace" territory, but that is most definitely a critical mass beyond being a niche vehicle category.

The EV market globally is growing much faster than the ICE market. At the rate of technology and pricing improvement, EVs taking over the majority of sales is almost inevitable.

It's just not growing as quickly in certain markets like the USA, and many predictions were too aggressive.

Who is really going to prefer ICE vehicles when we start seeing median MSRP vehicles start to reach customers with 400-500mile+ range numbers? This isn't some crazy idea (e.g., see the 2026 BMW i3, estimated range of 440 miles in an entry level premium sedan - in 5-10 years that's the kind of spec you'll be seeing in a cheap Kia).

There just isn't that much more progress in battery technology and pricing left to achieve to make ICE fully obsolete, and that is exacerbated by oil prices that are now set to rise for years to come.