For the first time, Across 2020, 108,205 fully electric vehicles were registered, up 185% year-on-year. Meanwhile, plug-in hybrid registrations rose by 91%, amassing 66,877 units. This means the total number of electric and plug-in hybrid cars registered in the UK is fast approaching the half-a-million mark (409,330).
Against a backdrop of Covid restrictions, an acceleration of the end of sale date for petrol and diesel cars to 2030 and Brexit uncertainty, the industry suffered a total turnover loss of some £20.4 billion. December’s vehicle registrations were reflective of what was a highly turbulent year, although the month showed signs of continued consumer interest in both used and electric vehicles.
New models and ongoing financial incentives helped initially to sustain UK demand in the month, but the introduction of a ‘firebreak’ lockdown in Wales on 23 October contributed to the nation recording 25.5% fewer registrations by the end of the month, which accounted for more than half of the overall UK decline.
The recent lockdown has given us a glimpse of what a greener future could look like. With plans for Clean Air Zones in cities across the UK firmly on the table, demand among businesses for their fleets to have the newest and cleanest vehicles is continuing to rise
Leasing is a good option for individual motorists and businesses looking to spread the running cost of a new car, and those who move into an EV could enjoy additional cost savings throughout its lifetime, including cheaper ‘fuel’ costs and VED, as well as low Benefit-in-Kind for company car drivers.
Vehicle makers, the SMMT and dealers have been calling for discounts or a scrappage scheme to help boost sales following months of pandemic shutdown.
Logistics companies have ceased deliveries to protect drivers as well as to adhere to the Government’s wishes to cut unnecessary journeys.
Philip Nothard, Customer Insight and Strategy Director for Cox Automotive, said that ongoing environmental pressures on fleets to renew, coupled with positive pricing in the wholesale markets, may also lead to a flood of de-fleeted vehicles in the new financial year.
Some leasing companies could see EVs occupy more than 50% of new orders on their books in the next two years as employers across the UK consider electric as a way to reduce both costs and their impact on the environment.
Company car drivers remain uncertain over benefit-in-kind tax thresholds, but more importantly, the long term sustainable fiscal support available for electric vehicles and plug-in hybrids
Car figures were up by 10.4% in April according to SMMT figures. But how does this impact the leasing broker sector?
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