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For all the enthusiasm around full battery-powered electric cars, we’re still only halfway there. In reality, the hybrid will own the electrified side of the road for some time to come.

Investors have run up the stock prices of electric car companies and their valuations far higher than the businesses really warrant. Electrics amounted to just 2.6% of total vehicle sold in 2019, and made up only 1% of all automobiles on the road. The share of sales is projected to rise to 6.6% by 2040.

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