Sales of global electric vehicle (EV) are expected to drop by 43% this year, as uncertainty and fear brought by the coronavirus pandemic affects demand, Kallanish Energy reports.
According to a new research from Wood Mackenzie, EV sales for 2020 are projected at 1.3 million, compared with 2.2 million in 2019. The figures reflect potential delays to fleet purchasing due to lower oil price and a wait-and-see approach to buying new models, it said.
Global sales are expected to fall mostly in the second and third quarters, as countries battle the spread of the virus and its impact on the economy. Wood Mackenzie’s estimates also assume a global recession in 2020.
The consulting firm believes China will catch up to 2019 demand by November 2020, while Europe will do so by December. Year-on-year demand in the U.S. is projected to lag 2019 demand by 30% by year-end.