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April 26, 2020 By Troy Young

Don’t Bet on Electric Cars Just Yet

“This was supposed to be the year that electric vehicles begin to take off, but instead, global EV sales are projected to drop by 43% according to the consultancy Wood Mackenzie.”

Their predictions?

Battery electric operated cars and plug-in hybrid vehicles sales will plummet from 2.2 million globally to 1.3 million in 2020.

The speed bumps in sales are due to a variety of factors including record low fuel prices, the COVID-19 virus that has left many consumers sheltering-at-home (and getting two months to the gallon on their existing cars) instead of buying new (and very expensive cars) and a wait-and-see attitude about how deep and long the recession will last.

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