US diesel demand plummeted to its lowest seasonal level in 26 years in Q1 2024. The production of distillate, the petroleum-based fuel that powers trucking, heating, and heavy industry, plunged to 3.67 million barrels per day in March (down from more 4.1 million barrels last year) according to monthly data from the US Energy Information Administration.
Even in diesel-loving Europe, the diesel engine is dying. Volvo, for example, recently built its last-ever diesel vehicle, and companies like Nissan, Hyundai, and Daimler (parent company of Mercedes-Benz and the Freightliner and Rizon truck brands) have also backed away from developing new internal combustion engines.
it’s worth noting that commercial EV sales are soaring. Despite all the doom, gloom, and wishful thinking from the pro-oil/anti-EV crowd, the numbers suggest a swift expansion in the commercial EV and ZEV (Zero-Emission Vehicle) markets.
Source: Electrek: Read The Article
PSR Analysis: Recently we have seen news articles about an apparent slowing of the EV market, but this (and other data) suggests that while some manufacturers are slowing their EV plans, EV growth rates are still good and in fact considerably better than ICE growth rates. PSR
Guy Youngs is Forecast & Adoption Lead at Power Systems Research
