POSSIBLE LOSERS FROM THE ELECTRIC VEHICLE REVOLUTION
1Auto finance industry – scrap values for combustion engine cars could fall, so lower recovery rate if the lender needs to repossess and resell. Loan volumes could also fall if EVs last longer, so frequency of vehicle replacement declines.
2Auto dealerships – could see reduction in service work as EVs have fewer working parts. Autonomous driving capabilities could help reduce road traffic accidents, so potentially fewer vehicles to fix so reduced demand for spare parts.
3Motor insurance industry – experts believe EVs could be safer on the road than traditional cars, so fewer accidents could push down insurance premiums.
4Oil sector – reduced petrol demand could hurt the oil industry, prompting smaller players to potentially go bust and possibly driving mergers among the larger players.