Analysis by New AutoMotive has found that sales of electric vehicles (EVs) reached 17.9% of the new vehicle market share in May 2024.
In May 2024, 24,620 EVs were sold, representing a 5.1% increase year-on-year (YoY). As such, EVs have continued their “best-ever” start to the year, with sales in the first five months of the year rising by 10% YoY to over 126,000.
These rates also prove well for the government’s zero-emission vehicle (ZEV) mandate target, with the industry collectively needing to sell 1,800 extra EVs a month between June and December. Doing so means car manufacturers will avoid fines.
Passed into law in January 2024, the ZEV legislation dictates that 80% of new cars and 70% of new vans sold in Great Britain will be zero-emission by 2030, increasing to 100% by 2035.
Ben Nelmes, CEO of New AutoMotive, said: “It is great to see tens of thousands more drivers discovering the benefits of going electric. Electric cars are not only good for the planet, they’re good for your wallet, and they contribute to improving the nation’s energy security.
“A key message from May’s data is that you only find growing car sales where there is a battery. Having abandoned diesel, consumers are now shunning petrol cars too. This month’s data tells a story not only of a growing market, but a maturing market with growing consumer choice as brands respond to the UK’s world-leading ZEV mandate by growing their range of electric options.
“With the general election campaign underway, these results show a strong swing towards electric cars. Whoever forms the next government should commit to maintain the UK’s leadership on cleaner, cheaper transport.”
ZEV mandate having the ‘desired effect’
The release of the figures has prompted positive responses from across the EV and renewable energy industries.
Colin Walker, head of transport at the Energy and Climate Intelligence Unit (ECIU), said: “The government’s ZEV mandate is having the desired effect with manufacturers competing for customers by discounting their vehicles to hit their targets. While sales of petrol cars plummet, EV sales are rising, and prices are falling – enabling more people to switch to cheaper, cleaner driving.
“The more new EVs are sold, the faster the used market will then grow, enabling more and more households to escape paying the ‘petrol premium’ that comes from filling a car at the pump, and enjoy the hundreds of pounds of savings that come from charging an EV.”
Quentin Willson, founder of FairCharge, believes the EV sale figures show that the EV mandate is working and will help bring prices down for new EVs, thus making the clean mobility solution more accessible to the wider population.
He said: “I’m pleased to see that New Automotive’s data shows that the ZEV mandate is working with May sales of EVs up at 18%. Many car makers are meeting their ZEV targets, new prices are coming down, the average discount offered to consumers is 10% and – most important – used EV prices are now at parity with petrol. One-to-five-year-old used EVs are very desirable among buyers as prices become increasingly tempting.
“As a market intervention this mandate is hugely important, looks to be functioning as designed and shows that the UK can still set a global example in the EV sector.”
