Positive Long-Term Impact of COVID-19 in the Electric Vehicle Industry

As per a statement by P&S Intelligence, since the mid-2010s, the electric vehicle industry has experienced remarkable development. The collaborative efforts of policymakers, society, and industry players have greatly contributed to the accelerated adoption of e-vehicles in the past few years.

During the pandemic, e-vehicles pose a significant resource burden for original equipment manufacturers, rather than being a value-addition to their already stressed businesses. The decline in electric vehicle sales was unavoidable during the pandemic. Several factors that have negatively impacted the industry are consumer preference, crude prices, auto plant shutdown, delayed launch of new EV models, and delays in regulation and policies.

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