BHP forecasts 50% EV market share by 2025

It's interesting how clear-eyed BHP (one of the world's largest resources miners) is about the energy transformation.  It's getting out of coal:

The company said it expects thermal coal as an energy source to be “phased out, possibly sooner than expected” and, as such, has no intention to grow its thermal coal portfolio “regardless of asset efficiency”.

BHP’s chief financial officer Peter Beaven said the increasing use of renewable energy sources as part of the overall energy mix is expected to dampen demand for fossil fuels, even as growing populations and improved living standards create a greater need for energy.

“Thermal coal should remain a large market, but over time we expect it to plateau and then decline as headwinds strengthen,” Mr Beaven said.

And now it's forecasting that EVs could make up 50% of total sales by 2025:

Mining and resources giant BHP has raised its projection for the uptake of electric vehicles, saying that electric vehicles could achieve more than 50 per cent share of global new vehicle sales by 2030, and 100 per cent of all vehicle sales by 2050.

Even with a more muted outlook, BHP considers that nearly half of all new car sales will be electric by 2050.

As y'all know, I think the switch to EVs will be very fast, essentially BHP's "high" case, just based on growth rates to date.  The interesting thing, for me, is that now major industry players are starting to recognise this too.  BHP has major investments in both coal and oil.  We'll see how that plays out.