Bloomberg: European electric car market expects explosive growth in 2020

Bloomberg: European electric car market expects explosive growth in 2020

December 16, 2019 0 By autotimesnews

Growth predicted by BloombergNEF experts far exceeds forecasts for the US and China, two of the largest electric car markets. In three years, any resident of the EU will be able to choose from 150 models of electric cars.

China’s electric transport market may even decline in 2020, according to a BloombergNEF report, due to reduced government subsidies. And so that the growth of electric car sales in North America does not stop, Tesla Ilona Mask must maintain interest in Model 3 in anticipation of the release of the Model Y crossover, Electrek reports. Moreover, in Europe, experts predict market growth immediately by 35%.

 In the next three years, the number of electric vehicles available to residents of the European Union will reach 150, the authors of the report write.

Next year, new models from Audi, Byton, BMW, Ford, Polestar, Rivian, Volkswagen and Volvo should appear on the American market. However, the owners will not receive them far immediately, so that the real sales will begin only by the end of 2020. At the same time, the dispute between the administration of President Trump and the California authorities on the rules of fuel economy create additional instability in the market.

Meanwhile, the European Union is absolutely sure that car manufacturers must either produce environmentally friendly cars in the indicated volume or pay heavy fines.

Under the new EU rules, next year, the average CO2 emissions of products produced by the car company should be equivalent to 92.3 km per gallon (3.7 L) of fuel. This figure will gradually increase until it reaches 148 km per gallon. This measure encourages manufacturers to immediately begin electrification.

In addition to the carrot, a carrot is also provided: in Germany, France and, to a lesser extent, the United Kingdom, compensation is provided for buyers, which reduce the price of an electric car by up to 6,000 euros.

According to IHS Markit analysts, in 2020 over 350,000 new electric cars will be sold in the United States. This is only 2% of the total number of vehicles purchased. The best-selling electric car model in the United States last year was the Tesla Model 3.