Coronavirus Pandemic Should Have Diverse Effects on Electric Vehicles

The pandemic-stricken economy is expected to boost electric vehicles in China, Europe, and countries committed to generating battery power with financial stimulus and infrastructure spending. This according to a forecast released by BloombergNEF on Tuesday.

In the United States, however, sales of electric vehicles are expected to decelerate sharply in the coming months. All due to less support for policies and a lack of resources from automakers which should focus on their most profitable products, such as trucks and SUVs.

In the US, sales of electric vehicles will shrink to just 1.7% of the passenger car market in 2021. At the same time, the sector is expected to account for 8.1% of all sales in China, responsible for the largest share of volume of electric vehicles, and 5% of the total in Europe, says the BNEF report.

Gas-powered vehicles will still account for more than half of car sales in the coming years, but the market has already peaked according to BNEF. Globally, we will never buy as many traditional cars and trucks as in 2017, according to forecasts.

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