Car dealers and the companies that finance them report a massive decline in new car sales over the past two years as the Covid-19 pandemic severely affected the economy.

However, demand for hybrid and electric vehicles is rapidly increasing and expected to grow even more quickly as fuel prices rise.

Starcom Network News got an update on the situation from Francis Paravicino head of Asset Finance and Business Banking at Ansa Merchant Bank Barbados, which provides finance for all of the car dealers.

Miss Paravicinio believes duties on electric vehicles should be lowered to encourage the switch from gas and diesel.