As per the recent analysis report published by the consulting company Wood Mackenzie, the global economic downturn caused by the corona outbreak will hit heavily on the electric vehicles market.
Apart from the corona pandemic, the agency mentions that the lower oil prices will delay the potential purchase decision of the consumers as well. Also, consumers tend to delay the new car purchase for a few months to get the future economic conditions outlook.
As per the Mr. Ram Chandrasekaran, Wood Mackenzie Principal Analyst;
“Most EV buyers will be the first-time owners of the technology and there will be uncertainty to adopt a new technology created by the outbreak. Once the outbreak controlled in China, customers will come back to the car dealers to evaluate their confidence in EV’s”
In China, EV sales were down by 54% in January 2020 and an estimated 90% drop in February which shows the above-said quote is correct on this situation.
Besides, US auto manufacturers have held or postponed the launch of the new EV models and shifted their efforts to manufacture medical equipment to support the current situation.
According to Wood Mackenzie, all these factors affect the EV sales drop and expected to bounce back the demand by 2021 only.
Read the full analysi report by Wood Mackenzie here – https://www.woodmac.com/press-releases/global-electric-vehicle-sales-to-drop-43-in-2020/
EV MOTORIST INDIA 