2020 has been rough for industries all over the world. Even the automotive industry could not escape the unique challenges stemming from pandemic-induced lockdowns, the economic slump and subdued consumer confidence, all of which have caused car sales to nosedive globally.
But despite the overwhelmingly bearish sentiment, electric vehicles (EVs) have remained a distinct silver lining, with European EV sales bucking the overall market decline, thanks mainly to government regulations.
The European Union last year began enforcing an emissions standard of no more than 95 grammes of carbon dioxide per kilometre travelled for passenger cars, with 100% compliance mandated in 2021. This drove new EV sales, as did an increase in EV purchase subsidies by Germany in February. Incentives introduced in Italy in 2019 also started to spur the market.
In China, the EV market…
