"For the first time in history, the crude oil prices in the US fell to almost (-) US$40 per barrel amidst low demand due to COVID-19. This will have both short, and long-term impact on EVs. In the short term, the impact will be high as low fuel prices, coupled with higher upfront cost will make EVs unattractive for some buyers, especially with the slowing economy" – Aman Madhok
Long Term Impact on EVs:
- While fuel prices will recover with improving economic conditions, EV battery prices will continue to fall.
- EV buyers are primarily motivated by the desire to reduce emissions, adopt new technology and drive quite cars.
- Push from automakers and governments will aid EV adoption.