EV targets set to cost UK auto makers billions
November 28, 2024
By Paul Homewood
Weak demand for EVs and mandatory sales quotas will cost Britain’s automotive industry £6bn in 2024, according to new analysis from the Society of Motor Manufacturers and Traders (SMMT).
Consequently, the UK’s automotive industry is calling for government intervention to safeguard the sector and Britain’s transition to zero emission vehicles.
Applicable since January 2024, the zero emission vehicle (ZEV) mandate sets out the percentage of new zero emission cars and vans manufacturers will be required to produce each year up to 2030. In total, 80 per cent of new cars and 70 per cent of new vans sold in the UK must be zero emission by 2030, increasing to 100 per cent by 2035.
When the mandate was unveiled, industry anticipated that 457,000 electric cars would be registered in 2024, which should have accounted for 23.3 per cent of all new car registrations. The latest outlook shows 94,000 fewer cars will be registered, totalling 363,000 with a market share of 18.7 per cent. The situation is worse for vans with the outlook halved to 20,000 units expected to be registered this year, a 5.7 per cent market share against a 2024 target of 10 per cent.
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