Electric vehicle prices are being slashed as manufacturers push to meet zero-emissions targets
Sales of electric cars rose 24% in October, taking more than 20% of the market for new car registrations, thanks to big discounts from manufacturers eager to meet the government’s zero-emission targets.
According to the Society of Motor Manufacturers and Traders (SMMT), new vehicle registrations fell from 153,000 in October 2023 to 144,000 last month, with petrol and diesel purchases falling as manufacturers prioritize electric models.
Sales of pure electric vehicles rose to nearly 29,000 in October, from 24,000 a year earlier, making zero-emission vehicles the only category to show growth. To clear stock and encourage EV adoption, manufacturers have slashed prices, and electric models are now selling for about 12% less than last year.
The SMMT highlighted the “unsustainable discount” as manufacturers incur costs to meet targets under the UK’s zero-emission vehicle (ZEV) mandate, which fines manufacturers £15,000 per vehicle if they fall below 22% of electric sales per 2024.
Ian Plummer, commercial director of Auto Trader, commented on the shift towards EVs, adding that “lower petrol and diesel sales” reflect manufacturers’ efforts to meet these demands. Despite Tesla’s leading position in the UK market, there was a 63% drop in October sales, making other brands such as BMW, Mercedes-Benz, and Audi, which are rapidly gaining in EV sales.
Richard Alvin, Managing Editor of electric vehicle magazine EV Powered, emphasized the country’s strong position in the EV market, pointing out that one in five cars sold next year could be electric. With the ZEV mandate coming into effect in 2025, the UK is positioned to be a market leader in Europe’s zero-emission vehicles, supported by competitive pricing and zero taxes for electric models.
