"Every car electric by 2035!" Adorable. Physics did not sign that press release.
I forecast that converting the world's 1.64 billion cars to electric takes roughly 28 years just to produce them, gated by cobalt, lithium, the Congo supply chain, and the same reactor buildout the grid is begging for. You cannot switch 1.64 billion cars, power billions of humanoids, and feed every AI data center from a grid that is already wheezing, then pretend the materials and reactors appear by decree. And the politics slow it further: EVs pay no fuel taxes today. At scale, governments lose the road budget, and the subsidy becomes a tax.
While the West debates deadlines, watch who is winning. BYD passed Tesla as the world's top EV maker in 2024. Roughly 75% of global battery manufacturing sits in China, and China's battery champion pulled off the biggest IPO of 2025. Chinese EVs now ship with a camera drone in the roof; Germany ships another strategy meeting, and BMW and Toyota quietly build a hydrogen combustion engine as their hedge. Full disclosure: even the winner bleeds. BYD lost $60 billion of market value in 1 selloff. China's EV war is brutal for China too.
The transition is real. It is coming. But it runs on a 28-year clock, not a political press release. And right now, the clock is Chinese.
Early call
