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

European economies are facing an energy crisis and soaring prices over the coming months. There have been concerns in some quarters that the increasing cost of charging an EV will disincentivize uptake among consumers. “The cost advantage for electric vehicles versus a gasoline car is fast diminishing here in Europe, and I’m really wondering to what degree that will begin to impact sales for EVs,” Saxo Bank’s Peter Garnry tells CNBC. 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.