The COVID-19 PANDEMIC is impacting economic, social, and political disruptions heavily like never seen before. The auto industry also facing one of the worse times. China witnessed a fell off 80 percent on auto sales last month. Globally, the auto industry has been canceled large events including Geneva Motor Show.
The Electric Vehicles market will have a heavy impact on the current situation as well which will delay or cost extra on their global sourcing of technology, batteries, and related parts. EV’s have already faced a tough sell among average middle-class consumer. The drop in oil prices motivates the consumers to move towards internal combustion vehicles for a while.
Fuel prices will bounce back again, but in the short term under the current situations, consumers might reconsider their automotive spending. If the recovery in aviation will be slow, fossil fuel demand would be less and gas prices could stay low for a period which will decrease the demand for EV’s.
Still, long term potential for Electric Vehicles remain positive considering the environmental benefits and support measures from the governments.
EV MOTORIST INDIA 