May saw plugin EVs take 25.7% share of the UK auto market, up from 23.1% year on year. Most of the gain was from PHEVs, BEVs barely improved.
May saw plugin EVs take 25.7% share of the UK auto market, up from 23.1% year on year. Most of the gain was from PHEVs, whilst BEVs barely improved. Overall auto volume wasunits, up by some 2% YoY, and still below pre-2020 norms . The UK’s leading BEV brand in May remained Tesla.
Meanwhile — beyond Europe – the global market for EVs has increased every year, by an annual average of 59%, fairly continuously since 2019 can be sourced for around $1,500 for large orders. Then there’s the savings on all the unneeded ICE-related components. Overall the net EV costto install a BEV overtrain, compared to an ICE powertrain is now not much more than $3,000 .
Other strong performers remain the usual suspects — Volvo, Volkswagen, MG Motor, and Hyundai — with some jostling in ranking. Beyond the roughly flat auto market, the wider UK economy remains very weak, with Q4 2024 registering 0.2% growth, from -0.2%, 0.2%, and 0.2%, in preceding quarters. Inflation reduced to 2.3% in April , and interest rates remained very high, at 5.25%. Manufacturing PMI was 51.2 points in May, up from 49.1 in April.
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