A new analysis has predicted that sales of electric vehicles will surpass fossil fuel powered vehicles by 2038. Bloomberg New Energy Finance (BNEF) projects that this will happen because lithium-ion battery prices will plunge sooner and faster than most people expect. This claim is supported by increased investment in lithium-ion battery production by companies such as Tesla and Nissan. BNEF also forecasts that electric cars will be about the same price as petrol vehicles by 2026, and the global electric fleet will reach 530 million vehicles by 2040. This report is another sign of the changing landscape in the auto industry. Recently France, Norway and Germany have made strides in banning future sales of gasoline and diesel powered cars, and Volvo became the first major car manufacturer to officially phase out fossil fuel vehicles.