New figures reveal that the UK celebrated its one millionth electric car registration last month, marking a significant milestone since 2002. However, a 25% drop in private electric vehicle registrations in January has raised concerns about meeting net-zero targets.
Fleet buyers, contributing to over 40% growth in demand, have driven the increase in registrations. The Society of Motor Manufacturers and Traders (SMMT) urges the government to consider tax cuts, particularly halving VAT on electric vehicles, to spur private buyer interest.
1. UK registers one millionth electric car milestone in January, achieved since 2002.
2. January sees a 25% decline in private electric vehicle registrations, impacting the overall market.
3. Fleet buyers, responsible for over 40% growth in electric vehicle demand, drive the increase.
4. Electric cars constitute 14% of new vehicles sold in January, below the 2023 target of 16.5%.
5. SMMT calls for government intervention, urging tax cuts, including a proposal to halve VAT on electric vehicles.
6. Generous tax incentives for company car users contribute to the 20,000 electric vehicles registered in January.
7. Despite upfront cost challenges, electric vehicles have lower running costs than traditional petrol and diesel vehicles.
8. The UK government phased out grants for individuals buying electric vehicles in 2022.
9. Firms face strict quotas for electric car sales from January, with heavy fines for non-compliance, escalating each year until 2030.
10. Overall new car market grew in January, driven by a significant increase in fleet sales, which accounted for over six in 10 new cars registered.
