2021 Downstream review and 2022 outlook
It won’t be a particular surprise to anyone involved with the industry to know that EV sales totally knocked it out of the park in 2021. At the start of the year, global sales penetration rates for new EVs were about 5% and many consultants and investment banks were forecasting 10-15% rates for 2025E. As most readers know, we’ve always been more bullish than that and we were forecasting 17.5% global new sales penetration for 2025E. And we also had one of the higher EV sales forecasts for 2021 at 4.7m units. It’s fair to say that we were still...