There are so many challenges to overcome first, and I just fail to see how that is possible before 2040.
Just in terms of the electric grid and knowing how long these projects take, they should have already started building by now if they want to be ready by 2040. This is not happening now, so just on that one single example there will be already a huge challenge.
So, even though electric cars might be cheaper to buy, they may be very unpractical to use.
Also, there is a reason why vehicles like the Toyota Land Cruiser are so popular - they last forever, and can be serviced with a piece of wire, pliers and a hammer. If you can't get the same reliability and ease of maintenance from electric vehicles, then just forget about it.