UK Witnesses Record Sale of Battery EV Sales in 2024

The sale of battery-operated electric vehicles (BEVs) in the UK reached a record 381,970 units in 2024, up 21.4% y-o-y and at a record 19.6% market share, the Society of Motor Manufacturers and Traders (SMMT) said on Monday.

SMMT, which released the date on the sale of the BEVs, said that the market share was up from 16.5% in 2023, but remained below the mandated 22%.

For December alone, BEV sales totalled 43,656 units, rising 56.8% year over year. The market share was 31%, up from 19.7% a year ago and also the highest since December 2022, the SMMT data showed.

“Industry has pulled every lever to try and achieve this target, with manufacturer discounting totalling more than $5.6 billion in 2024, an amount that is not sustainable in the long term,” the SMMT said.

According to the SMMT. billions of dollars of investment in new technologies and products over the past decade have delivered a record 132 ZEV models to the UK market, up 38% since 2023 to account for a third of all models available.

Electric Vehicles UK (EVUK) CEO Dan Caesar said in a statement that the regular record EV figures showed consumers wanted EVs, according to global rating agency S&P Global.

“We also see record private-used EV sales which shows that the EV transition is happening and why the UK is the second most successful EV market in Europe. EVUK expects these record numbers to continue through 2025,” the agency quoting Caesar said in its report.

Platts, part of S&P Global Commodity Insights, assessed battery grade lithium carbonate at $10,650/MT and hydroxide at $9,500/MT CIF Europe as on December 4, down 33% and 40% respectively since the start of 2024.

New Car Sales in 2024

Overall new car registrations in the UK totalled 1.95 million units in 2024, up 2.6% y-o-y, making it the second straight year of growth, the SMMT said, adding that 2024 had been a challenging year for the sector as manufacturers strove to create demand for EV in a bid to meet new mandated sales targets.”

In December, overall car sales remained flat at 140,786 while hybrid EV sales in 2024 climbed 9.6% from 2023 to 261,398, with the market share at 13.4%, up from 12.5% ago. Sales of plug-in hybrid EVs were 167,178 units, up 18.3% y-o-y, with the market share also up to 8.6% from 7.4% in 2023.

Meanwhile, the market shares of gasoline and diesel internal combustion engine vehicles dropped to 58.5% in 2024 from 63.5% in 2023.

Though petrol cars continued to hold the largest market share at 52.2% or 1.02 million units, which was down from 56% a year ago, the volume of petrol vehicle sales fell 4.4% year on year, according to the SMMT.

The diesel volume was down 13.6% year over year to 123,104 units, with the market share at 6.3%, down from 7.5% in 2023.

Phasing Out Petrol and Diesel Cars

Meanwhile, the UK Secretary of State for Transport Heidi Alexander on Monday said that the government had started a consultation on phasing out the sale of new petrol and diesel cars from 2030, driving forward the commitment made in the government’s manifesto.

In a statement, she said that the government’s plans will restore clarity for manufacturers, provide renewed confidence for charging infrastructure investors and give confidence to consumers considering making the switch.

“The need to transition away from a reliance on fossil fuels has never been clearer, and the transition to ZEVs will play a critical role in quickly reducing carbon emissions and improving our energy security,” Alexander said.