Last month, Elon Musk predicted that the electric vehicle industry will “definitely suffer” from low oil prices—a barrel of crude is about $33 today, down from more than $100 a year ago. Why invest in an electric car when gas is so cheap? And sure enough, sales of gas-guzzling SUVs jumped 10 percent in 2015, while electric vehicle sales dipped 4 percent. But don’t expect that trend to last, even if oil prices stay relatively low. A new market forecast from Bloomberg New Energy Finance paints a rosy picture for the future of electric vehicles, rising from about 1 percent of global annual vehicle sales today to 35 percent by 2040—about 41 million cars. That’s good news for Musk and other scions of clean energy. Whether it’s good news for the planet remains to be seen (more on that below).