Concerns Remain for Private Buyer Demand as Registrations of New Electric Cars Soar in July
The latest figures from the Society of Motor Manufacturers and Traders (SMMT) reveal a surge in registrations of new electric cars in July. Electrified vehicles accounted for four in 10 registrations, with hybrid electric vehicles (HEV), plug-in hybrids (PHEV), and battery electric vehicles (BEV) all showing growth in market share.
While the overall new car market saw a 2.5% increase last month, concerns for private buyer demand remain paramount. The private share of the BEV market continues to fall, despite a marginal increase in volumes. The SMMT has warned that the pace of transition to zero-emission vehicles needs to increase significantly to meet the 22% ZEV mandate targets set for this year.
Many in the fleet and automotive sector are calling for EV incentives for private buyers and clarity on the 2030 ICE ban following Labour’s election win. The National Franchised Dealers Association (NFDA) urges the new government to remain vigilant on key issues affecting the sector to ensure the momentum in EV adoption continues.
Peugeot has also reported a rise in its market share of electric vehicles, with the recent arrival of the E-3008 contributing to its success. The brand’s commitment to EVs and innovation in the electric vehicle market has led to positive sales performance and growth in overall market share.
Despite the positive growth in the electric vehicle market, concerns remain about the lack of incentives for private buyers and the need for policy certainty and investment from the government. The industry is calling for action to stimulate private electric market demand and support OEMs in meeting ZEV mandate targets.
As the automotive sector continues to navigate the transition to electric vehicles, collaboration between policymakers, industry leaders, and consumers is essential to drive further growth and adoption of EVs. With the right incentives and support, the UK can work towards achieving its climate change ambitions and meeting ZEV mandate targets for a sustainable future.