Has the EV bubble burst in the UK?
Many manufacturers are gravitating to a fully electrified future. 2030 is the date set for this, but infrastructure can't catch up to the strong demand. The latest data out of the UK shows that the EV bubble may have burst, with ICE-powered car sales on the surge. We have a look at the data and whether current difficulties will influence future buying trends. The post Has the EV bubble burst in the UK? appeared first on CAR Magazine.
Electric vehicles appear to be the new normal in the current automotive world. New EV models are known for outclassing combustion engine vehicles, setting a new acceleration record, bringing a new design language and luxury and being more efficient. In fact, most big automakers have pledged a resolution to make EVs the new normal by 2030 and are investing billions.
Image: Audi
While electric vehicles tend to be better in most cases, offering better range, saving on running costs and being easier on the environment, they do have some drawbacks that people tend to ignore before committing to support this noble movement. The lack of adequate charging infrastructure makes EVs difficult to live with, not to mention the time it takes to fully charge your car. Refuelling a petrol car generally takes a few minutes but recharging a battery for electric cars can be much longer. It can take anything from 30 minutes to 24 hours to charge an EV battery. This is something you need to factor in when planning a journey. Although electric cars are generally cheaper to run than non-electric vehicles, they are usually more expensive to purchase in the first place.
It seems as if the EV Bubble has popped in the United Kingdom, according to the Society of Motor Manufacturers and Traders, petrol cars saw the largest growth in new car registrations compared to 2022. Mike Hawes, Chief Executive of the trade body, lauded the figures, saying: ‘The automotive industry is already delivering growth that bucks the national trend. According to the data 131 994 new cars were registered in January this year, a 14,5 per cent (16 907 total) rise from last January’s figure of 115 087. While still lower than the pre-covid January 2020 figure of 149 279 this does show the industry is making a recovery.
Image: Porsche
Petrol cars saw the largest growth in new car registrations compared with last year, with 58 973 being registered this January compared to 51 468 at the same time last year, showing a rise of 7 505. But new battery electric vehicles saw a smaller growth in new car registrations compared to last January rising by 2 861 from 14 433 last year to 17 294 this year.
Related: CPS 2023: Audi e-Tron GT – An electrified sense of occasion
The post Has the EV bubble burst in the UK? appeared first on CAR Magazine.
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