Electric vehicle sales in the UK increased but fell short of the government's 22% target for 2024.
New car registrations increased by 2.6 percent in 2024, according to preliminary data revealed today by the Society of Motor Manufacturers and Traders ( SMMT ). Sales increased to 1.953 million units, with electric car sales growing by 21.4 percent to 382,000 registrations. EVs accounted for 19.6 percent of the overall market in 2024, but failed to meet the 22 percent set out by the government in its target.
Many car makers are known to have heavily discounted and incentivised their EVs at unsustainable levels in a desperate push to shift as many electric models as possible to meet ZEV targets, while others have limited their supply of non-electric models to balance their share. MG’s commercial director Guy Pigounakis told CAR in November that the The SMMT said that ‘it’s clear demand has not matched the assumptions behind the mandate when it was conceived’, with the natural level of demand thought to be only 11 or 12 percent. Car manufacturers who did not hit the required 22 percent share could now face fines unless they can borrow, trade or pool zero carbon emissions credits from other manufacturers that have exceeded the targets. It puts companies that currently sell few or no EVs (such as The SMMT is calling on the government to take action to help boost EV sales, which face another setback later this year when they will no longer be exempt from car tax (VED). Mike Hawes, chief executive of the SMMT said: “We need rapid results from the regulatory review and urgent substantive support for consumers – else automotive investments will be at risk and the jobs, economic growth and net zero ambitions we all share in jeopardy.” The overall increase in the new car market was driven purely by the fleet sector, which includes to leasing companies, rental firms and manufacturers’ own fleets. Fewer new cars were bought by private buyers last year than in a Covid-hit 2020, when showrooms were closed for several months due to lockdown
ELECTRIC VEHICLES UK AUTOMOTIVE INDUSTRY GOVERNMENT REGULATION SMMT NEW CAR SALES
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