U.K. Interest in New Electric Vehicles Down 65%

New EV interest is down in the bloc nearly two-thirds from January 2022 to March 2023.

QUICK FACTS:
  • U.K. buyer interest in new electric vehicles (EVs) is down 65%, according to Auto Trader.
  • The drop in interest likely stems from the soaring costs of electricity, lack of charging ports, running costs, and borrowing rates.
  • In January 2022, 16.3% of new car ad views on Auto Trader were electric vehicles.
  • By March 2023, EV views only made 10.54%.
  • Growing disinterest in EVs may also be attributed to the costs of the vehicles, as EVs are 37% more expensive than cars requiring fuel.
  • The U.K. plans to ban new petrol and diesel vehicle sales by 2030.
RESPONSE TO DROPPING EV INTEREST:
  • Auto Trader’s commercial director Ian Plummer commented to motortrader.com that the stats represent “difficult times for the U.K.’s electric ambitions, however, and we’re in danger of veering off-track.”
  • “Although used electric demand remains buoyant, the wider EV market is in a precarious position. To avoid more than just a small pothole on the road to 2030, more information, more incentives, and more equality is urgently required,” Plummer continued.
  • A U.K. government spokesperson reportedly said, “Electric vehicles continue to offer opportunities for savings through cheaper charging and maintenance costs, and we have put £2bn into helping people make the switch.”
  • “Recent industry figures showed continued growth in new electric car registrations, and more EVs are entering the used car market – giving people more choice for accessing affordable EVs,” the spokesperson went on to say.
  • Elon Musk is reportedly focusing on price reductions over profits in current EV sales, as Tesla’s profits were down by nearly a quarter, from $3.32 billion to $2.51 billion.
BACKGROUND:
  • Growing climate change skepticism is likely a factor contributing to the uninterest in electric vehicles.
  • Five years ago, 60% of Americans believed humans were causing climate change, according to a survey from a group affiliated with the University of Chicago.
  • Today, only 49% of Americans believe humans affect climate change.
  • “Nearly four in 10 Americans said they were unwilling to pay a couple of dimes,” writes The Daily Sceptic’s Chris Morrison. “Despite decades of relentless green doomsday agitprop designed to corral populations into living under a collectivist Net Zero-ordered society, it appears that the vast majority of Americans are unwilling to pay even the chump change in their back pockets to stop the climate changing.”

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