Last year, sales of EVs achieved a market share of just 23.43%. Newly released figures for last month show this fell to 20.6%. The Government has set a target this year of 33%, rising to 66% in 2029.
Once petrol and diesel cars (known as ICE vehicles, short for Internal Combustion Engine) are banned in 2030, zero emission cars must make up at least 80% of the market, with the rest filled with hybrids. However, the latter will also be gradually phased out by 2035. Zero emission essentially means battery-electric, although hydrogen fuel-cell vehicles would also qualify.
To enforce the switch to EVs, the government introduced the ZEV (Zero Emission Vehicle) mandate. Motor manufacturers who fail to hit their ZEV target for the year must either buy credits from manufacturers who have exceeded targets or pay a fine of £15,000 for every car below target.
There are certain allowances available, but these are not significant. The only other option open to manufacturers who fall short is to carry forward their deficit, in the hope they are in surplus in a year or two time. Understandably, this has been likened to taking out a payday loan!...<<<Read More>>>.....
