This year has been a rough one for the automotive industry. With millions of people suddenly working from home or jobless, transportation demand has fallen. This has been a particularly large blow to EVs, as the momentum the industry had built got stopped.
But there may be light at the end of the tunnel, as a report from Reuters might indicate. Registrations for new Tesla cars are up 150% this month compared to last month in China. Tesla had just begun breaking into the Chinese market, and before the lockdown, they seemed unstoppable.
Coronavirus absolutely killed demand for new EVs. But it seems like as restrictions have been lifted, Tesla has made a very fast recovery. We can only hope that Tesla is able to continue their expansion into China like they were a few months ago. The 150% increase seems kinda shocking and could indicate that the EV industry is ready to bounce back.
This isn’t really the full story, registrations for just one month don’t tell us much about how Tesla is doing. With lockdowns affecting both production and demand, month-to-month performance is bound to be inconsistent.
But these numbers look to me like a glimmer of hope for the EV industry. It seems like as soon as people are able to buy electric cars, they do. I’d like to believe that these numbers are an indication that the EV industry will be able to quickly bounce back once people start leaving their houses. But I’ll admit that these numbers aren’t really substantial, and we’ll have to wait for Q2 financials from Tesla to see how things are really going.
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