We’ve seen many industries struggle through the coronavirus pandemic, and the auto industry is no exception to this – sales are down and many manufacturers are concerned for the future as recovery may take some time. Despite this, however, one part of the industry may come out of the other side of this looking a bit better than before they went in, as the electric vehicle sector doesn’t seem to be doing too bad.
(Image from greencarguide.co.uk)
The opportunity here is two fold – one of the reasons attributed to this is within a renewed focus on an environmental recovery, seeing the many good signs that have come from lockdown has led many to put a premium on focus on climate change as we return to the new normal rather than just focussing on an economic recovery which may lead to a surge in sales for EV’s over the coming months as lockdown measures are eased. Another reason being considered is that the recent reductions in price are finally having an impact, as some base models are becoming comparable in price to ICE alternatives and battery capacity continues to improve, many of the problems that the consumer market have had are starting to ease a bit.
It’s also important to note that many are starting to see the many virtues that come with owning an EV, as many of the luxuries are starting to find their virtues. Changing habits have many of us playing mobile games or watching movies on streaming services and in the current climate of lots of waiting around to get shopping done or many other daily chores we could be spending a lot more time waiting in our cars – despite recent changes allowing more authority to some regulation and schemes, this list of bookies aren’t registered providing fans an opportunity to watch the football and place a bet from the comfort of their own car, for example, just one of many things owners can do.
Within the UK, the production of ICE vehicles is set to stop within the next two decades as the country strives towards a net zero goal in 2050, if this mentioned renewed focus does happen for electric vehicles then it’s possible we see that goal met much earlier and the pandemic may in part be a catalyst for this. Timing will be an important factor here too – the green light across the UK has been given for businesses to reopen but that doesn’t necessarily mean people are going to be looking to spend money and buy a new car whilst they themselves are recovering from the pandemic, this may lead to a prolonged period of downturn in business within the industry unless a strategy can be found heading into the new year to encourage purchasing again – either way, electric vehicles are definitely on more lips than they had been prior to the pandemic, and may be in part what helps this small sector of the automotive industry that is still finding strong sales figures.