Electric Vehicles Surge to 17.9% Market Share in May as Petrol and Diesel Sales Decline
Sales of electric vehicles (EVs) reached a record 17.9% of the new vehicle market share in May, according to the latest Electric Car Count from New AutoMotive.
This milestone represents the best start to the year for the EV market, with sales in the first five months of 2024 up 10% compared to the same period last year.
The sustained growth indicates that the industry only needs to sell an additional 1,800 EVs per month between June and December to meet the Zero Emission Vehicle (ZEV) mandate targets for the year.
Despite a continued decline in sales from market leader Tesla, BMW is poised to overtake the American manufacturer as the UK’s leading EV brand. Other manufacturers promoting EVs, such as Nissan, Vauxhall, and Peugeot, have also seen significant gains, achieving market share highs of 18%, 20%, and 21% respectively.
Meanwhile, sales of new petrol and diesel vehicles have fallen sharply, dropping from 55% to 45% over the past 12 months. If this trend persists, the UK may see the end of new internal combustion engine (ICE) vehicle sales by 2029.
Ben Nelmes, CEO of New AutoMotive, commented, “It is great to see tens of thousands more drivers discovering the benefits of going electric. EVs are not only good for the planet, they’re good for your wallet, and they contribute to improving the nation’s energy security.
“A key message from May’s data is that you only find growing car sales where there is a battery. Having abandoned diesel, consumers are now shunning petrol cars too.
“This month’s data tells a story not only of a growing market but a maturing market with increasing consumer choice as brands respond to the UK’s world-leading ZEV mandate.
“With a general election campaign underway, these results show a strong swing towards EVs. Whoever forms the next government should commit to maintaining the UK’s leadership on cleaner, cheaper transport.”
This shift in the automotive market underscores the growing consumer preference for electric vehicles and the industry’s response to stringent environmental mandates, marking a significant step towards a more sustainable future.
