As Elon Musk backs fossil fuels, one strategist sends warning over EV sales


The uptake of electric vehicles has increased in recent years, as countries around the world attempt to reduce the environmental effects of transportation.

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Recent comments from Elon Musk about the need for more oil and gas reflect a broader concern that the uptake of electric vehicles will be hampered by rising electricity prices, according to the head of equity strategy at Saxo Bank.

Speaking to CNBC’s “Street Signs Europe” on Tuesday morning, Peter Garnry said car manufacturers would face headwinds going forward.

“We see that in the 12 month trailing auto sales figures coming out of the U.S. and Europe — they’re coming down and they’re coming down pretty…


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