High energy costs may put the brakes on EV sales

The projected market share of BEVs in 2023 has been downgraded from 19.7% to 18.4% due to high energy costs and insufficient charging infrastructure

The demand for battery electric vehicles (BEVs) has been downgraded from 19.7% to 18.4% in 2023 due to high energy costs and inadequate charging infrastructure, according to a new report by the Society of Motor Manufacturers and Traders (SMMT).

However, the latest outlook for 2024 suggests that 22.6% of new car registrations will be BEVs, a slight decrease from the 23.3% forecast in January.

A zero emission vehicle mandate is set to take effect next year, making it essential for more investment in infrastructure and incentives to encourage consumer confidence and boost uptake.

According to the SMMT report, BEVs saw a 50% increase in deliveries to 20,522, making up 15.4% of the market, while plug-in hybrid vehicles grew 33.3% to 8,595 and hybrid electric vehicles increased 7.7% to 15,026 units, resulting in more than one in three registrations in April being electrified vehicles.

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