Owned

Satellite, Space, Science and Energy Market

Global Electric Vehicle Sector affected mostly by an outbreak of Covid-19

The demand for electric vehicles is on the surge because of low fuel costs and no carbon emissions. 

Hydrogen gas is the recommended alternative gas for use in fueling vehicles. Education on the greater importance of greener life has made the customers embrace the idea of electric cars. Regarding research carried out by the International Energy Agency (IEA), the overall electric vehicle stock across the world exceeded 5 million in the last two years, marking a rise of 63 percent from 2017. 

China registered the most significant share of electric vehicles of 45% in 2018, meaning that it is 2.3 million. Europe followed intimately recording an electric vehicles share of 24% globally. The US came the last one with a shared record of 22% across the world. 

Electric vehicle manufactures have decided to switch to the manufacturing of large numbers of automotive to meet the surging numbers of customers demanding to purchase electric vehicles. In South Korea, Hyundai Motor Group, an automotive entity, has switched to manufacturing cars that used hydrogen gas as fuel to the vehicles. 

The outbreak of the Covid-19 pandemic has caused total lockdown to the majority of countries, which in turn poses a significant impact on the automobile sector. As a result, there is no manufacturing of electric vehicles. 

In February, China faced a considerable drop in the automobile selling sector because of the Covid-19 pandemic outbreak.

The same month, Shenzhen electric vehicle producer ended 5,501 electric vehicles recording a decline of 79.5% year on year. The same occurred on Nio Inc., an electronic vehicle manufacturer from Chinese where it was able to sell 707 vehicles, recording a decline of 12.8% year on year.

Since the impact of Covid-19 was becoming more intense to autonomous manufacturers, they made some pleas to the government of China. The requests include; to provide support to sales in countryside markets, to slash sales costs on smaller markets, and reduce emissions from the vehicles.

The government of China made a declaration plan of providing financial support on electric vehicles as a way to encourage domestic manufactures to depend on new ideas, then relying on the government mostly.

China Association of Automobile Manufacturers requested the government to add value to its financial support on the new energy cars. Also, make more investments in charging amenities of electric vehicles and subdue the challenge of accessing and purchasing eco-friendly vehicles by large numbers of customers who reside in big cities. 

Leave a Reply

Your email address will not be published. Required fields are marked *