In the first quarter of next year the one millionth all-electric car will set-off on UK roads, according to Schmidt Automotive Research. That will make the UK the second market, after Germany to reach that landmark.
Despite that, 2024 is expected to be another tough year for the makers of electric vehicle (EVs).
Late in 2023, Ford, GM and Tesla all paused plans to expand their production of electric vehicles. In October, Mercedes-Benz described the market for electric vehicles as “brutal”, blaming a price war and supply chain issues.
Analysts don’t expect the situation to get much easier.
Matthias Schmidt, an auto market analyst, forecasts a stagnant year for EV sales across Europe in 2024. In traditionally strong markets like Germany and Norway he sees almost no growth at all.
However, the UK could be one bright spot due to the introduction of the zero emission vehicle (ZEV) mandate. From January, just over a fifth of vehicles sold must be electric, with the target expected to hit 80% by 2030.
All this could be great news for anyone with the money to buy an EV.
“It will be a total buyer’s market especially when it comes to electric cars as manufacturers rush to meet ZEV mandate targets,” says Mr Schmidt.
“The cuts will be hidden though, through financing deals and higher trim levels at no extra costs – as manufacturers will be hesitant in being too overt about price cuts,” he adds.