Automotive Industry Clings on to EV to Recoup
Amidst fuming speculations over an imminent slowdown in world economy, specific industries such as the automobile industry is already showing signs amidst global lockdown. If trends are to be believed, electronic vehicles in particular is bearing maximum brunt of this global pandemic. As most of China lies defunct since last December, production and sale of EVs are showing prominent downside impact. Economies of matured as well as emerging economies are suffering with massive dip in oil and gas, as well as travel and hospitality sectors, with large scale resort to lockdown across countries.
The much coveted and ambitious commercialization of electric vehicles with a promising outlook commencing in 2020 is anticipated to have been tanked under prevailing circumstances. According to esteemed data scientists and research analysts are of the opinion that the ensuing global melt down is likely to further push global economy towards unprecedented turmoil, thus affecting industries such as automobile, inclusive of electric vehicles. According to Ben May, Global Macro Research Director of Oxford Economies is of the opinion that the ongoing global lockdown owing to Covid 19 pandemic is pushing the global economy towards recession and associated market sell-off.
Further adding, global lead of transportation and mobility at Wood Mackenzie, best known for its extensive research and consultancy services opined that at this hour of global recession and worldwide Covid-19 pandemic, the global population is far beyond investing in mobility means, let alone electric vehicles. Covid 19 epicenter countries such as South Korea and China who have been worst affected and witnessed stringent lockdown periods have reported massive devastating drop in sales of vehicles and electric vehicles.
However, Europe is likely to witness partial silver lining with some big name launch round the corner, led by collective investments into electric vehicles by industry veterans such as General Motors, Volkswagen and Geely.