The Society of Motor Manufacturers and Traders (SMMT) has revised its forecast for electric car sales in the UK, citing weaker demand. The SMMT now predicts that pure electric vehicles will hold an 18.5% market share in 2024, down from an earlier estimate of nearly 20%.
SMMT chief executive Mike Hawes highlighted the declining demand for electric vehicles (EVs) from private buyers as a major issue for the industry, despite manufacturers offering significant discounts. Hawes emphasised the need for faster adoption of EVs to meet the UK's climate goals and regulatory targets, calling for increased consumer support and improvements in incentives and infrastructure, especially with the crucial new number plate month of September approaching.
The SMMT has also adjusted its overall forecast for new car registrations in 2024, lowering it from 1,984,000 to 1,968,000. Despite this, new car registrations in July 2024 saw a 2.5% increase from the previous year, marking the 24th consecutive month of growth. The Kia Sportage was the top-selling model in July, trailing only the Ford Puma for the year.
In response to the sluggish EV sales, the SMMT has urged the government to reduce taxes on electric vehicles to boost sales and support the industry's climate objectives. The concern over falling demand is echoed by reports from major manufacturers like Tesla and BYD, both of which have experienced a drop in sales this year.
