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Petrol car numbers peak but EV sales still lag government targets

Published 05/12/2024, 11:35
Updated 05/12/2024, 11:40
© Reuters Petrol car numbers peak but EV sales still lag government targets

Proactive Investors - Petrol car numbers across the country peaked this year as the UK hit a turning point in its shift to electric vehicles (EVs).

An estimated 18.7 million petrol-powered cars were driven on UK roads this year, analysis by Auto Trader found, with this set to slump to 11.1 million come 2034.

EV numbers were seen surging from 2024’s 1.3 million 13.7 million in the meantime as the government’s proposed ban on fossil fuel-powered car sales by 2030 approached.

“Peak petrol is a genuine landmark for the UK,” Auto Trader spokesperson Ian Plummer said.

“We expect to see a seismic shift in British motoring over the next decade.”

Improved affordability of EVs was attributed to petrols’ decline, with one in three second-hand electrics said to now be priced below £20,000 and cost parity growing between conventional and alternative vehicles.

However, the share of new electric vehicles on the market was expected to miss government-set targets in the first year of the zero-emission vehicle mandate.

EVs were on course to make up 18% of new car sales this year, against the mandated 22%, before stretching to 23% in 2025 and again below its 28% target.

Britain’s former Conservative government had brought in the mandate, which will see carmakers fined if electrics don’t make up an increasing proportion of sales, in a bid to phase out fuel-powered cars by 2035, with this delayed from 2030 originally.

The new Labour government since pledged to reinstate the original 2030 ban, but has signalled rules under the mandate could be watered down following pressure from the industry over lacklustre demand.

Read more on Proactive Investors UK

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