As Covid-19 Hits Electric Vehicles, Some Thrive, Others Die
China and Europe will accelerate EV plans, while the U.S. taps the brakes.
Electric taxis charge in Taiyuan, Shanxi province, China.
Photographer: Qilai Shen/BloombergElectric vehicles generally don’t coast; they are designed either to accelerate or brake at any given time. The electric vehicle market is much the same.
The pandemic ravaged economy is expected to give electric vehicles a boost in China, Europe and countries committed to sparking battery power via financial stimulus and infrastructure spending, according to a forecast released today by BloombergNEF, Bloomberg LP’s primary research service on energy transition. In the U.S., however, electric vehicle sales will slow drastically in the coming months as policy support weakens and cash-strapped automakers refocus on their most profitable products, namely gas-burning trucks and SUVs.