Strong Sales Figures: United Kingdom Records High with 50,000 Electric Vehicles Sold
The United Kingdom's electric car market continues to make strides, outperforming the rest of Europe in terms of growth. In a significant development, September 2024 saw the country record its best month for electric car sales ever, with over 50,000 new units registered.
The UK is on track to end the sale of petrol, diesel, and alternative liquid fuel vehicles by 2030. According to the latest figures, the combined market share of these vehicles has dipped below 40% for the first time, while the market share of battery electric vehicles (BEVs) remains steady at around 6%.
The rapid rise in EV volumes coming to UK roads means there is no need to worry about the numbers of private buyers. In fact, in September, battery electric registrations made up a 5% share of new car registrations, a 23% increase compared to the same month last year. Battery EV sales had their best ever month of sales, with 53,000 units registered.
Peugeot was responsible for nearly one in four of all electric units sales in September, with Nissan and SAIC (owners of Maxus) having already comfortably exceeded the 10% headline target on electric sales alone. Stellantis and Honda have both halved their gap and are on course to end the year with a surplus. Ford cut their deficit by 20% this month, while Toyota and Nissan are also expecting a surplus due to easy-to-meet CO2 targets for diesel and petrol vans.
The industry has exceeded the Zero-Emission Vehicle (ZEV) mandate target for 2024, and now has an excess of credits. Manufacturers generate additional credits by exceeding CO2 emissions targets on their Internal Combustion Engine (ICE) vehicle sales. This excess of credits could potentially be used to offset any shortfalls in future years.
In the van market, battery electric registrations made up a 1% share of new van registrations in September, a significant increase from previous months. The company with the largest share of new registrations of battery electric trucks in the UK was Tesla.
There is no significant evidence to suggest that manufacturers were holding back petrol cars to meet the ZEV mandate targets. The UK's electric car market continues to grow, and with the government's support, it is well on course to meet the 22% electric car sales target set for 2024. More than 60% of vehicles now have some form of electrification, indicating a clear shift towards a greener future.
