Car manufacturers have called for urgent action to reignite the switch to electric vehicles, after sales figures showed slowing demand among ordinary motorists for battery-powered cars.
While overall UK registrations grew by 1% in April year-on-year to 134,000, the increase was caused by fleet sales, with private buyer sales down by almost 18% on last year.
Manufacturers are alarmed by slowing sales growth in battery electric vehicles, which in the first four months of 2024 have only increased market share by 0.3% from the same period in 2023, to 15.7%, despite the rapid take-up in previous years.
While the industry expects the figure to improve this year, the Society of Motor Manufacturers and Traders (SMMT) said that BEV sales would be below government targets of 22% of all new cars, and called for steps to “re-enthuse” buyers, including tax cuts, incentives and more chargers.>
Used electrics are good value now. I have an electric car which I lease, and so far the depreciation on the car has outstripped the cost of the lease by a factor of 2, meaning I will definitely be “up” vs having bought it outright. I’ll definitely buy a used electric once the lease expires.
There’s no way the cost of new electrics won’t come down, economic gravity will force it.