UK Electric Car Sales Surge Amid Inflation Concerns Linked to Iran War
UK electric car sales leap ‘could be hit by Iran war inflation and energy price rises’
The Guardian
Image: The Guardian
Electric car sales in the UK surged by 24% year-on-year in April, reaching 149,247 units, with battery electric vehicles (BEVs) up 59.1%. However, rising inflation and energy prices due to the Iran war may temper this growth, according to the Society of Motor Manufacturers and Traders (SMMT).
- 01UK electric car sales rose 24% in April 2023, with BEVs increasing by 59.1%.
- 02Electric vehicles accounted for 26.2% of total car sales last month.
- 03Concerns over inflation and energy prices could impact future EV demand.
- 04The SMMT downgraded the forecast for BEV market share to 26.8% by 2026.
- 05The price of new battery electric cars has fallen below petrol cars for the first time.
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In April 2023, electric car sales in the UK saw a significant increase of 24%, totaling 149,247 vehicles sold, as reported by the Society of Motor Manufacturers and Traders (SMMT). Battery electric vehicles (BEVs) experienced a remarkable growth of 59.1%, marking a milestone with the registration of the two millionth electric car. BEVs represented 26.2% of total car sales last month, reflecting a growing interest among consumers, particularly in light of rising petrol prices due to the ongoing conflict in Iran. However, the SMMT cautioned that this enthusiasm may be tempered by concerns over inflation and escalating energy costs, which could negatively impact the cost of living for consumers. Despite the surge in sales, BEVs have only captured 23.1% of the market this year, falling short of the 33% target set by the zero-emission vehicle mandate. The SMMT has revised its forecast for BEV market share down to 26.8% by 2026, citing high energy and production costs as barriers to faster growth. The chief executive of SMMT, Mike Hawes, emphasized the need for a policy review to align with market realities to maintain the UK's competitiveness as a vehicle market and manufacturing hub.
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The increase in electric car sales offers consumers more choices, but rising costs may limit affordability and accessibility for potential buyers.
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