EV sales

EV Sales could see a sharp decline of 40% this year

Spread the love

EV Sales

EV Sales – The outbreak of the Novel Corona virus (COVID-19) is having a major impact on all aspects of society, including the automotive industry.
EV sales, which in 2019 surpassed 2.2 millions, there could be sharp decline approx. 40 – 45 % this year, experts said in a recent report. The reason: the travel bans in response to the corona virus and a looming recession, which has dampened people’s appetite for new purchases, especially costly ones such as a new car.

The effect of the outbreak on the world’s biggest EV market—China—are already visible. EV sales ( electric car) there fell by 54% by the end of January when the epidemic really took off in the country. February sales figures, according to Wood Mac, are expected to be even worse, with a decline of 90%. EV sales in Europe had been on an impressive upswing, up by 121% on the year in January.

Now, three months later, while China is slowly resuming its economy despite a second wave of infections knocking on its door, Europe, the second biggest market for electric cars, is in the struggle of the corona virus and the outlook for the continent’s economies is nothing short of horrible.

Travel bans, national lockdowns, tens of thousands of victims, disruptions across supply chains, and internal political divisions are shaking the EU. As a result, the eurozone economy could shrink by more than 10% in the first half of the year, a survey among economists made by Bloomberg has suggested. Even Norway’s economy, normally strong and outside the eurozone, is set for a contraction this year as a result of the pandemic. And Norway is the strongest EV market in Europe, so that’s bad news for the industry. 

In further bad news, the UK, another big EV market, could see its GDP contract by as much as 35% because of the pandemic. Germany’s economy is expected to book a 9.8% contraction in the second quarter of the year alone, and the list is expanding. 

China saw a decline in EV sales last year, for example, long before the virus came on the stage, because it reduced subsidies. 

With the worst recession since the Second World War, it seems unrealistic that Europe sticks to its EV priorities and continue subsidizing them, even increasing the subsidies in order to make them more affordable for a recession-stricken population. The immediate future of EVs looks somewhat murky.

[wp-reviews]

Tata Tigor EV
Tata Tigor EV Tata Tigor EV 2021 is launched by Tata Motors on 31 August, 2021. It is basically a
Tata Punch
Tata Punch Tata Punch, first micro SUV from home grown auto giant Tata Motors. It was initially called the HBX, is
Gravton
Gravton Quanta Gravton Quanta is first all-new electric bike rather a moped from Hyderabad-based startup EV brand. It’s introductory Price
Car sales in may 2021
Car sales in may 2021 Car sales in may 2021 -- The Car sales in the month of May has
Car sales in April 2021
Car sales in April 2021 Business and industry felt the heat once again in April this year, with lockdown-like restrictions
FLIPKARTS PARTENERES
Flipkart partners with EDEL Flipkart partners- Homegrown e-commerce giant Flipkart recently, announced that it has partnered with Mahindra Logistics Limited
Revolt intelicorp
Revolt Intelicorp receives 150 Crore Gurgaon-headquartered Revolt Intelicorp has raised Rs 150 crore from Rattan India Enterprises, which the company
Ola electric scooter Ola electric scooter - Ola Cabs was founded in 2010 as an online cab aggregator in Mumbai and
car sales in march 2021
Car sales in march 2021 Car sales in march 2021 - Last year this time there was big chaos due
MG Cyberster
MG Cyberster British car maker MG Motors on Saturday teased the upcoming all electric sports car and global unveiling is scheduled

Revolt RV 400 Booking Open On Amazon

Follow us on Instagram – questev_official

Follow us on Facebook – Facebook questev

Fulley electric Dirt bike for for sale

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments