Electric Vehicle Revolution Series: Report 1 – EV Market Outlook

As a result of the lockdowns in various countries and a drop in consumer confidence, the automobile market is expected to contract by around 20-25% in 2020 . Our view is that EV car sales in 2020 will be lower than the previous year but that the actual share in total car sales is likely be higher than previously expected as a result of newly introduced subsidies. The performance in EV car sales will differ widely from region to region with the EU and China fairing off better as a result of subsidies introduced following Covid-19. Meanwhile in the US we would expect that lower gasoline prices following a sharp decline in the price of oil will reduce interest in EV purchases.