Economic Impact of COVID-19 on the Global Electric Vehicle Industry

Electric vehicles are a renewable alternative to fuel cars, which uses one or more electric motors, rather than an internal combustion engine that produces energy by burning a mix of gases and fuel. Owing to the stringent emission regulations, there is an increasing demand for electric vehicles as it reduces emission and lowers fuel cost. Under the Energy Policy Act of 1992, hydrogen is considered an alternative fuel and eligible for alternative fuel vehicle tax credits. Increasing consumer awareness regarding greener alternatives has led to the adoption of electric vehicles. As per the International Energy Agency (IEA), the global electric passenger car stock surpassed 5 million in 2018, which represented a rise of 63% from 2017.

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In 2018, China accounted for the largest share of nearly 45% in the global electric cars on the road, which is 2.3 million, followed by Europe (24% of the global fleet) and the US (22% of the global fleet). With the rise in the demand for electric vehicles and stringent emission norms, the automakers have shifted their focus towards the development of electric vehicles as an opportunistic approach to growth within a defined area. Hyundai Motor Group, a South Korean automotive company is focusing on electric vehicles powered by hydrogen fuel cells. In addition, Honda Motor Co. Ltd. and Toyota Motor Corp. are also focusing on hydrogen FCEVs.

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However, the global automobile industry is facing a slowdown due to the lockdown in several countries amid the coronavirus outbreak, which in turn, is restricted to the production of electric vehicles. In February 2020, the automobile industry sales plunged 79% in China due to the coronavirus outbreak. Shenzhen electric vehicle manufacturer, BYD Auto Co. Ltd. sold 5,501 cars in February 2020, 79.5% decline year on year, and another Chinese electric vehicle manufacturer, Nio Inc. delivered 707 cars in February 2020, declined 12.8% year on year.

As a result, the automakers in China appealed the government to support industry-wide sales through measures, such as encourage sales in rural markets, reduction in sales tax on smaller vehicles, and decrease in requirements for vehicle emissions. In March 2019, the Chinese government had declared a plan to scale back subsidies on electric vehicles to promote domestic players to rely on innovation as compared to government support. This is also a major factor for decline in the demand for electric vehicles in the country. China Association of Automobile Manufacturers (CAAM) called for authorities to increase subsidies for new energy vehicles, increase investment in electric vehicle charging infrastructure, and reduce limitations on the number of consumers in big cities who can buy eco-friendly cars. Such kinds of measures may rebound auto sales of Chinese firms in the third quarter of 2020.

Based on types of electric vehicles, the global electric vehicle industry is classified into battery electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles. The production of battery electric vehicles is being significantly affected by COVID-19 epidemics due to disruption in the supply chain process. China and South Korea are some major countries with major electric vehicle battery manufacturers, including Contemporary Amperex Technology (China), BYD Co. Ltd. (China), and LG Chem Ltd. The coronavirus outbreak has significantly affected their industrial capability to produce electric vehicle batteries that may have interrupted the global production of battery electric vehicles.

The operations of some crucial companies affected by coronavirus epidemics include Nissan Motor Co., Kia Motors Corp., BMW AG, Nissan Motor Co., Daimler AG, and Tesla, Inc. Most of these companies have shut down their automobile production facilities and shifted their focus towards the manufacturing of personal protective equipment. For instance, Daimler and Volkswagen declared recently that they will temporarily shut down production of vehicle and engine at its factories in Europe due to the coronavirus outbreak.

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Economic Impact of COVID-19 on the Global Electric Vehicle Industry- Segmentation

• Battery Electric Vehicles
• Plug-in Hybrid Electric Vehicles
• Hybrid Electric Vehicles

Economic Impact of COVID-19 on the Global Electric Vehicle Industry– Segment by Region

North America          

• United States
• Canada

Europe

• Germany
• United Kingdom
• France
• Spain
• Italy
• Rest of Europe

Asia-Pacific   

• China
• Japan
• India
• Rest of Asia-Pacific

Rest of the World

• Middle East & Africa
• Latin America

Company Profiles

• AB Volvo
• Audi AG
• BAIC Automotive Group Co., Ltd.
• BMW AG
• BYD Auto Co., Ltd.
• Daimler AG
• Ford Motor Co.
• General Motors Co.
• Groupe PSA
• Honda Motor Co., Ltd.
• Hyundai Motor Co.
• Kia Motors Corp.
• Nissan Motor Co.
• Tesla, Inc.
• Volkswagen AG

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