Electric vehicle registrations rose by 10.8% in August, but the SMMT is warning that end of year figures are likely to fall short of the 22% share of sales required by the government’s Zero Emission Vehicle Mandate.
Year to date, EV market share has edged up to 17.2% and is expected to rise further to 18.5% by the end of 2024, says the SMMT, because of increased model choice – with some 364,000 registrations forecast for the year.
But despite this growth, it says the industry will fall short of the goverrnment target that 22% of new cars sold by manufacturers in the UK will be fully electric in 2024, with a path set out for 100% by 2035.
However, in August heavy discounting by manufacturers over the summer and a raft of new models attracting buyers, has led to EVs taking a 22.6% share of new sales, the highest for a month since December 2022.
New car sales in August are traditionally quiet with customers holding off purchases for the new number plate coming in September. This August, total sales fell by 1.3% to 84,575 units compared with the same month last year.
Petrol and diesel car uptake dropped by 10.1% and 7.3% respectively, but together these still represent more than half, 56.8%, of all new car uptake in August.
Ahead of the Budget on October 30, the industry is calling for urgent action to bolster the market for new EVs. This includes introducing binding targets on public chargepoint provision, the reintroduction of incentives for private buyers, and the removal of disincentives.
Mike Hawes, SMMT chief executive, says that while he welcomes the growth in EV sales, August’s figures are always distorted by September’s number plate change.
”The introduction of the new 74 plate, together with a raft of compelling offers and discounts from manufacturers, plus growing model choice, will help increase purchase consideration and be a true barometer for market demand,” he says.
”Encouraging a mass market shift to EVs remains a challenge, however, and urgent action must be taken to help buyers overcome affordability issues and concerns about chargepoint provision.”
