UK market dynamics have shifted significantly in the last couple of years, in the direction of better choices and incentives:
- New tax breaks
- New purchase incentives
- Wider choice of superminis (R5, Inster, Spring, etc), smaller SUVs (EV2 etc), and other cars at a lower price point than before
- Wider choice of premium EVs from European OEMs, eg BMW’s seemingly endless models, the new CLA, etc
- Entry of Chinese-branded EVs such as BYD, Xpeng, etc (in addition to Chinese-owned such as MG etc)
- Continued expansion of the charger network and much wider adoption of contactless
The result is that 37k EVs were sold in October vs 64k petrol cars, ie 58% of the size of the petrol segment. A year ago it was 30k EVs and 73k petrol, ie 41%. That’s a pretty rapid pace of change, and it will clearly continue apace.