The electric vehicle (EV) sector will continue to find support in the medium term despite the overall impact of Covid-19 on global automotive output in 2020, according to battery materials manufacturer Umicore.
The Belgian company anticipates a 25% decline in total global automotive production this year, but while the coronavirus and its impact on the global economy have clouded the outlook for EV adoption in the near-term, "new subsidy schemes have recently been decided in China and Europe which should support the transition to electric mobility in the mid-term," the company said this week.