The Society of Motor Manufactures and Traders (SMMT) has reported that the millionth EV in the UK has been registered during January while overall new car market grow 8.2 per cent.

BEVs are predicted to account for more than one in five new registrations in 2024, however, as fleet buyers flock to EVs, private retail demand has declined. Fleet and business demand for BEVs grew by 41.7 per cent in January, registrations by private buyers fell by 25.1 per cent.

BEVs saw a rise of 21.0 per cent year on year, taking the overall total since 2002 to 1,001,677, whilst plug-in hybrids (PHEVs) recorded volume growth of 31.1 per cent and hybrid (HEV) volumes fell 1.2 per cent.

Volatility in BEV supply had been expected and is likely to continue as manufacturers adjust product allocation following the last-minute resolution over UK-EU rules of origin, which had threatened to apply tariffs to EVs, restricting affordability.

Mike Hawes, SMMT chief executive, said: “It’s taken just over 20 years to reach our million EV milestone – but with the right policies, we can double down on that success in just another two. Market growth is currently dependent on businesses and fleets. Government must therefore use the upcoming Budget to support private EV buyers, temporarily halving VAT to cut carbon, drive economic growth and help everyone make the switch. Manufacturers have been asked to supply the vehicles, we now ask government to help consumers buy the vehicles on which net-zero depends.”

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