​Electric car sales growth strong but not on target for 2024 goal

Tristan Young

7 Aug 2023

New electric vehicle sales are growing their market share faster than any other fuel type this year, however, experts are warning this is still not fast enough to meet government targets set for 2024.

Electric car registrations accounted for more than 16% of the market in the first seven months of 2023, up from 14% this time last year. The rise saw the number of electric cars sold rise to 175,978 from 127,492 by the end of July (a rise of 38%), according to the latest official figures from the SMMT.

Government targets for EV sales in 2024 call for each car manufacturer to hit 22% electric vehicle sales or face hefty fines.

Overall the new car market was up almost 20% between January and July compared with the same period last year and July marked the 12th month of growth in a row.

However, experts are warning the growth rate in electric vehicle uptake isn’t strong enough, particularly with private car buyers, to reach the 22% target without greater incentives such as a cut in VAT on public charging and a more robust charging network.

Brands offering a strong electric vehicle line-up are performing well with VW both the biggest selling brand this year and having the largest increase in number of cars. MG saw the second largest increase in number of cars sold. Tesla, with its all-electric range, saw the seventh largest increase in sales up nearly 8,000 units so far this year. The Tesla Model Y is also the fourth best selling car overall this year and the only car that’s only offered as an battery electric vehicle to feature in the top 10.

Commenting on the new car market, car dealers that Electrifying.com spoke to said that while demand for electric cars was strong from company car drivers, private buyers were not as keen on the technology and put off by the higher up-front costs and recent speculation about possible changes to government targets.

MG saw the second largest increase in number of cars sold

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