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Could COVID-19 Be Good For EVs?

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Could COVID-19 Be Good For EVs?

Amidst the COVID-19 coronavirus, attention to clean energy initiatives has risen. The following is a discussion regarding those initiatives.  

Electrification During The Pandemic

Ford Motor Company's (NYSE: F) Mustang Mach-E is headed for further development and production as the lockdown offered engineers a great opportunity to push the project into later stages. Similarly, General Motors Company (NYSE: GM) moved ahead with clean automobiles, leveraging earlier investments in new innovations to support initiatives. 

Volkswagen AG's (OTC: VWAGY) new ID.3 is rolling off the assembly line in Zwickau, Germany, and YouTuber nextmove, who recently toured the facility, said he saw another, newer model on the production line—the ID.4, an electric crossover that's expected to be similar in size and range to the Tesla Inc's (NASDAQ: TSLA) Model Y and, unlike the ID.3, will be sold in the U.S.

Brighter Skies In Europe

German Chancellor Angela Merkel insisted that Europe's economic recovery plan needs to be based on the European Green Deal to keep a close eye on climate protection.

French President Emmanuel Macron announced an $8.8 billion plan last Tuesday to rescue the country's auto industry by boosting both the production and sale of EVs.

Macron wants France to become the leading producer of clean cars in Europe. France's consumer incentives to buy an electric car will also be increased from €6,000 to €7,000.

Additionally, the French government owns a 12% stake in Peugeot SA's (OTC: PUGOY) maker PSA through a state investment bank. PSA might have reported record profits last year but its sales plunged with the lockdown. Its merger with Fiat Chrysler Automobiles NV (NYSE: FCAU) to create the world's fourth-largest automaker is very much on-schedule as the two companies plan in sharing electric vehicle platforms.

This article is not a press release and is contributed by Ivana Popovic who is a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure. Ivana Popovic does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you're interested in becoming an IAM journalist contact: contributors@iamnewswire.com Questions about this release can be sent to ivana@iamnewswire.com

Photo by Pixabay from Pexels. 

 

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