The impact of COVID-19 on the market prospects of electric passenger cars.

Abstract

The outbreak of COVID-19 pandemic has caused changes worldwide in a dimension that has not been seen since the Second World War. This pandemic and the measures taken to moderate the negative consequences have affected almost all aspects of our life. Transport has been one of the most affected sectors. In general, the global car market is very sensitive to macroeconomic conditions. This applies especially to electric vehicles, which are still very dependent on financial support measures. A combination of travel restrictions, unemployment, and low oil prices could have significant impact on electric vehicles. This paper provides an overview of the development of electric vehicles and corresponding policies covering the period before and during the COVID crisis. Policy framework and the future development of the annual gross domestic product per capita have a significant impact on diffusion of battery electric vehicles. However, since the crisis is still ongoing, the full impact of the COVID crisis on mobility is still to be seen but the findings so far show rather favorable signs for electric mobility. This article is categorized under:Cities and Transportation > Electric Mobility.