The current year 2020 is advertised as an intonation point for Electric Vehicles by commerce experts and most analysts if the product launches during the Auto Expo 2020 were anything to consider.
As a sign for the Indian market future, Auto Expo 2020 was fundamentally centered on the tendency of Indian transportation, the electric vehicles.
Every market player beginning with Maruti Suzuki to recent entrants such as Great Wall Motors and MG Motor put their most exceptional electric concepts and models forward from their particular arsenal. They never saw coming as an indefinite and unheard-of cyclone (COVID-19) emerging to disrupt the whole ecosystem.
The story changed after a few days of its coming into our lives and has since taken the whole world by storm with the Indian automobile industry not being spared after the pandemic struck.
The business that was already struggling with BS-VI emissions customs limit was not scheduled to pact with yet another disaster, a harsh one when a shutdown that lasted for 21 days was imposed on holding the extensive spread of the deadly virus.
Preventive measures such as lockdowns, curfews, quarantine, and social distancing were put in place across nations, communities, and governments. India did not get left behind; they came out loud as the biggest democracy all over the world to have gone a step ahead in bringing normalcy to a standstill. It came after they imposed a shutdown that has never been experienced before, possibly only during times of war.
COVID-19 brought the auto industry to a standstill all over the world, and the Electric Vehicle business was not spared with sales of NEV plummeting to a massive low in the world’s biggest Electronic Vehicle hub in China. Business leaders were compelled to assess the way the disruption would change the electrification drive of China.
With so much confusion around, China’s electrification drive has lost its impetus, and a delay is looming.
Currently, it is not a matter of COVID-19 hitting the industry; the more significant impact was also experienced due to the crude oil price and its performance in the last 100+ days. It is evident that futures plunged to subzero levels for the initial time, which was referred to as unexpected and unanticipated, yet a feeling driven by industry demand and consumer sentiment.