Push to electric vehicles unscathed by Covid-19 in medium term - Umicore

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.
Prior to Covid-19, China had moved to phase out EV subsidies, but in April it announced that it will continue to provide subsidies, albeit at a lower level.

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