There is more to the purchase decision than fuel price. ICE sales already falling off a cliff over the last few years, even before the oil price rise.This will accelerate in a recession and IMO, BEV sales will continue to accelerate. Higher income earners are the predominant purchasers of EVs and in a recession, they suffer less.
If EV sales do slow, the geopolitical climate is accelerating the move to renewables. More Lithium/batteries will be available for ESS. Currently ESS is in the queue behind OEM’s for available batteries.
As George said. OEM’s have and are retooling for EV’s. There is no turning back or slowing down the transition. It would be quicker and sales higher if they had just pulled their fingers out earlier. Higher for longer. Don’t procrastinate for too long. There is $500 000 000 going to a bank account near you this 1/4, and possibly for many more quarters into the distant future.
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