Demand for electric vehicles in Britain has trounced last year’s figures once again as some 17,243 of the models were registered in August, marking an increase of 72.3%.
In total, 85,657 new cars were registered in the UK in August, according to the Society of Motor Manufacturers and Traders (SMMT), with petrol cars trumping electric as the most popular.
This marked a 24.4% growth overall, pushed up by a surge in large fleet and business registrations, the industry body explained.
“While August is typically a quieter month with many buyers choosing to wait until the September numberplate change, an increase […] means the sector is now entering a second year of growth,” SMMT said.
Volkswagen (ETR: VOWG_p) Group (XETRA: VOW) was the bestselling brand, followed by Ford Motor Company (NYSE:NYSE: F) and then Audi.
Though electrics made up one-fifth of vehicles sold during the month, SMMT warned the introduction of a mandate on the proportion of such models manufacturers should sell could hit the industry.
“Manufacturers still await the details,” the group said, “businesses cannot plan on the basis of consultations, they need certainty”.
“Now more than ever, government must match action to ambition, ensuring there are the incentives and infrastructure in place to convince drivers to make the switch.”
Close Brothers Motor Finance director Lisa Watson hailed the figures as good news meanwhile, commenting the growth “highlights the automotive industry’s resilience”.
“Despite inflationary pressures, rising interest rates and economic uncertainty, consumer demand appears to be holding strong,” she added.
Source: https://uk.investing.com/news/stock-market-news/electric-vehicle-demand-shoots-upwards-once-again-3143897
