- The number of new cars registered in the UK increased by nearly 18% in the past year.
- However, demand for electric vehicles (EVs) has remained stagnant.
- The Society of Motor Manufacturers and Traders (SMMT) is calling for a VAT cut to stimulate EV sales.
- In 2023, 315,000 new battery electric vehicles were sold, representing just 16.5% of total registrations.
- The lack of growth in the EV market is despite the government’s goal to phase out petrol, diesel, and hybrid vehicles by 2035.
- The SMMT is urging the government to halve VAT on all new EV purchases over the next three years.
- The SMMT estimates that this plan could save consumers £7.7bn and put 250,000 extra EVs on the road by 2026.
- Fleet deliveries and hybrid electric vehicles saw an increase in sales.
- Superminis, such as the Ford Fiesta and Vauxhall Corsa, remained the most popular category of car in the UK.
- The SMMT believes that a VAT cut on new EVs would help reinvigorate sales.
Source: theguardian.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
