The electrification of transport has long-term implications for oil demand, power & renewables, and the metals sectors. A shift in government policy along with continued declines in battery costs will allow for an increasing penetration of electric vehicles into the light duty vehicle market. By 2035, 1 in 9 cars sold globally will be electrified, bringing the total EV fleet to 125 million. This will displace nearly 2 million b/d of gasoline demand, while increasing power demand by roughly 350 TWh in 2035. What are the upside and downside risks to our view that could change the EV trajectory in the long-term?