UK Electric Vehicle Sales Surge Amid Price Cuts by Automakers
London, Saturday, 4 January 2025.
In December, nearly one in three new UK car registrations were electric, as automakers slashed prices to avoid fines, marking a 60% year-on-year sales increase.
Record-Breaking December Performance
December 2024 witnessed an unprecedented surge in electric vehicle adoption, with EV sales jumping approximately 60% to reach nearly 44,000 units compared to the previous year [1]. The remarkable 31% share of total registrations represents the highest monthly proportion in two years [1]. This surge comes as automakers aggressively reduce prices to comply with the UK’s Zero Emission Vehicle (ZEV) mandate, which requires 28% of car sales to be zero-emission vehicles in 2025 [6].
Infrastructure Growth Supporting EV Adoption
The UK’s charging infrastructure has evolved significantly to support this growing EV fleet. As of December 2024, the country boasts 73,699 public charging points across 37,011 locations [4]. The network expanded impressively throughout 2024, with 19,834 new charge points added, marking a 19% increase from the previous year [4]. Notably, rapid and ultra-rapid chargers now account for approximately 20% of devices but deliver 60% of total charging capacity [4], making longer journeys increasingly practical for EV owners.
Market Dynamics and Competition
The EV market landscape is experiencing significant shifts, particularly in the wake of intensifying global competition. Tesla, long considered the market leader, faced its first annual sales decline in 2024, delivering 1.79 million vehicles globally, down from 1.8 million in 2023 [3][5]. Meanwhile, Chinese manufacturer BYD has emerged as a formidable competitor, achieving remarkable growth with total vehicle sales increasing by over 41% in 2024 [3]. The European market has shown particular sensitivity to these changes, with Tesla experiencing a 40% decline in European sales during November 2024 [5].
Future Outlook and Market Projections
Looking ahead, the UK’s electric vehicle market shows promising growth potential. The second-hand EV market has grown by 57% year-on-year, reaching a 2.7% market share [6]. Industry experts predict the market will become more accessible in 2025, driven by competitive pricing from Chinese manufacturers and incentives stemming from ZEV mandates [6]. The global EV transition is projected to reach 85 million units in 2025, marking a 30% increase, with battery electric vehicles accounting for 61 million of these [6].