And this is net emissions reductions, also taking into account the emissions from extra electricity generation.
Still a long way to go. The world still uses more oil each year, but new technology is certainly helping in lowering that curve.
I recommend to read the whole article for more information and what we can expect in the future.
Does it also take until account the production costs of EV vs ICE?
When you consider that EV lithium batteries are 99% renewable, my guess would be it’s even better in the long run.