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Back To The Future

A shift in the auto industry is looming. EVs or Electric vehicles, the long-anticipated cars of the future, are poised to dominate global markets in the next few decades.

Although electric vehicle penetration in the U.S. currently represents just 0.2% of vehicles on the road, shrinking battery costs, lower charging times and increasing driving ranges mean EVs could account for an estimated 48% of all miles traveled by 2040.

Battery costs have been a major barrier to increasing EV penetration, with costs per kWh at over $200 until recently. These costs are now expect to fall to $100 by the early 2020s.

The growth of EVs could also affect food and beverage makers About 11% of non-alcoholic beverages are sold in gas stations and convenience stores. For energy drinks, the percentage is even higher. However, there are estimates that 50% of convenience retail sales come from customers that don’t fill up, suggesting that the risk to beverages from declining traffic may be more manageable. Likewise, if consumers have more disposable income as a result of the shift from gas to electric, it could be boon for beverages as retail spending increases.

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