An Economic Crash Will Slow Down the Electric Vehicle Revolution … But Not For Long
The coronavirus pandemic presents risks but won’t change the longer term trajectory.
The electric vehicle revolution that by most accounts was ramping up in 2020 faces one of the biggest threats since EVs started to go mainstream in the last decade.
The outbreak of the novel coronavirus in late December has paralyzed key parts of the Chinese economy. By early March, the virus spread further across Europe and into the US. On March 9, oil prices crashed. With the markets rattled, governments from Italy to the U.S. took increasingly drastic measures, from locking down entire nations to banning travel and declaring states of emergency. Central banks around the world cut interest rates and promised to buy bonds, in a bid to keep their economies churning.