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Tesla CEO Elon Musk Says Cheap Oil Will Hurt Electric Cars
fortune.com
Cheap oil—and in turn, lower gas prices—usually means costs savings for drivers, a lower U.S. trade deficit, and increased sales of gas-guzzling trucks and SUVs. But not everyone—or industry—is a winner.
Electric vehicle sales have already slowed as oil prices have dropped nearly a third in the past 12 months. The average price for regular has fallen from $2.74 per gallon in June to $1.85 a gallon as of Monday, according to the U.S. Energy Information Administration.
Elon Musk, the CEO of electric carmaker Tesla TSLA -3.05% , expects the suffering to continue. The electric car industry, as a whole, will take a hit from lower oil prices, Musk told CNN’s Kristie Lu Stout in an interview Monday.
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