An economic crash will slow down the electric vehicle revolution … but not for long

by Laura Millan Lombrana, Jess Shankleman, and Akshat Rathi, Bloomberg Green


Highlights:

Due to the current pandemic of COVID-19, vehicle sales are expected to plummet, effecting the growth of electric vehicles (EVs)  for consumers.

  • Vehicle sales have dropped 44% in China during January when the virus began to spread globally, but sales in Europe are still expected to grow 50%
  • Volkswagon and Ford are both releasing new EV models later in the year, signifying that car manufacturers are still invested in expanding the market
  • Though oil prices will not stay cheap for long, the low cost of gas may encourage people to purchase internal combustion engine cars. However, many cities and countries are prioritizing clean vehicles to combat air pollution and will encourage more electric vehicle use
  • In China, the introduction of subsidies for EVs led to a doubling of sales in 2018 and EV sales are still increasing at double-digit rates
  • Electric vehicles are considered more costly but as battery prices fall, the price of EVs will drop over time

Phasing out gas-powered vehicles is a key component of The Climate Center’s clean mobility work.


Read more: https://www.bloomberg.com/news/articles/2020-03-17/an-economic-crash-will-slow-down-the-electric-vehicle-revolution-but-not-for-long

Nina Turner
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