Low Fuel Prices Dampens Sales of Electric Cars
May 21, 2020—Cheaper fuel caused by statewide shutdowns during the coronavirus could lead to electric vehicle sales slowing down, reported ABC News.
To grow electric car sales, companies have to appeal to mainstream consumers and right now, one concern is financial security or lack thereof. The annual cost of owning a new compact electric vehicle compared to its gas-powered peers over five years and 75,000 miles of driving is a difference of $600, according to the report.
Automakers are expected to launch electric vehicles this year and the rollout will continue as they try to meet carbon emissions standards set by lawmakers in Europe and China.