Maybe it's a bit gauche to comment first on your own link, but these quotes from the report seem most salient:
"In the long-term, widespread personal vehicle ownership does not appear to be compatible with significant decarbonization."
and
"The government should 'aim to reduce the number of vehicles required, for example by promoting and improving public transport; reducing its cost relative to private transport and encouraging vehicle usership in place of ownership,' add the MPs, stressing that the government ought to be 'encouraging and supporting increased levels of walking and cycling.'"
Well, can you imagine a future where a billion battery powered cars is a possibility on this planet? A billion electric bikes though is not that crazy.
That would certainly be much better, and I actually came to the Forbes piece from an article that pointed how little of these rare earth metals e-bikes use compared to electric cars:
"In the long-term, widespread personal vehicle ownership does not appear to be compatible with significant decarbonization."
and
"The government should 'aim to reduce the number of vehicles required, for example by promoting and improving public transport; reducing its cost relative to private transport and encouraging vehicle usership in place of ownership,' add the MPs, stressing that the government ought to be 'encouraging and supporting increased levels of walking and cycling.'"