Business
UK electric vehicle sales surge 58% YOY in Nov, industry data shows
Published by Jessica Weisman-Pitts
Posted on December 5, 2024
2 min readLast updated: January 28, 2026
Global Banking & Finance Review®
Company
Published by Jessica Weisman-Pitts
Posted on December 5, 2024
2 min readLast updated: January 28, 2026
(Reuters) -New battery electric vehicle (BEV) sales in UK rose 58% in November, marking the eleventh straight month of growth, industry data showed, driven by deep discounts to meet government-mandated levels.
However, overall new car sales for the month fell 1.9% from a year ago to 153,610 units, due to waning demand among private buyers, The Society of Motor Manufacturers and Traders (SMMT)said.
Britain’s strict Zero Emission Vehicle (ZEV) mandates demand that automakers sell a higher proportion of EVs each year or face fines per non-compliant vehicle sold.
UK’s new government had said in November it would reconsider these rules after the industry warned that the mandate would cause factory closures and job losses in the absence of demand from consumers.
A pragmatic approach to the ZEV mandate, alongside incentives for both manufacturers and consumers, will be crucial to drive electric vehicle uptake,” Jamie Hamilton, automotive partner and head of electric vehicles at Deloitte said.
However, key economic indicators such as consumer confidence, inflation, and interest rates will continue to play a significant role in purchasing decisions.
The government has also announced other measures to support the sector, with Finance minister Rachel Reeves in her maiden budget in October saying zero emission vehicle owners will pay lowest first-year taxes effective April 1, 2025.
November is only the second month that the British auto industry had met the mandated levels.
While the discounts helped BEV market share reach 25% in November, exceeding the mandate levels, it is still expected to be below the mandated yearly target of 22% for 2024, SMMT said.
(Reporting by Chandini Monnappa and Prerna Bedi in Bengaluru; Editing by Shreya Biswas and Vijay Kishore)
A battery electric vehicle (BEV) is a type of electric vehicle that is powered entirely by electricity stored in batteries, with no internal combustion engine.
Zero Emission Vehicle (ZEV) mandates are regulations that require automakers to sell a certain percentage of zero-emission vehicles, such as electric vehicles, to reduce greenhouse gas emissions.
Consumer confidence is an economic indicator that measures how optimistic or pessimistic consumers are regarding their expected financial situation and the overall economy.
Economic indicators are statistics that provide information about the economic performance of a country, such as inflation rates, unemployment rates, and consumer spending.
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