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September saw plugin EVs take 35.5% share of the UK auto market, up from 29.4% year-on-year. BEVs grew in volume by 29% YoY, while PHEVs grew 56%. Overall auto volume was 312,891 units, up some 14% YoY. Tesla was the UK’s leading BEV brand for the month.
September’s sales totals saw combined plugin EVs take 35.5% share of the UK auto market, with full electrics (BEVs) taking 23.3%, and plugin hybrids (PHEVs) taking 12.2%. These compare with YoY shares of 29.4% combined, 20.5% BEV, and 8.9% PHEV.
The reintroduction of BEV purchase incentives, although bungled, may now be giving a boost to BEV sales at lower price points within the price cap. Since the July introduction was messy, there was considerable hold-back of purchases, so we may be seeing a concomitant rebound now. If so, the market will take a couple more months to settle.
There is a higher “Band 1” incentive (£3,750) which only the Ford Puma and Ford E-Torneo are eligible for. Other models get the lower “Band 2” amount of £1,500. These include several Stellantis cars, some Renaults, some VW Group MEB cars, and a couple of Japanese models. You can check the full list here.
But what is the price cap for eligibility? Originally, the UK government said that the price cap was £37,000. But – presumably after pressure from some manufacturers (e.g. Toyota) – they increased the cap to £42,000 in August. Not by coincidence, the increased cap now accommodates the Toyota BZ4X (UK starting price £41,595). Recall that UK taxes classify cars over £40,000 as subject to the “luxury tax”… so how does this raising of the incentive cap to £42,000 make any sense ?
Given that we know that compelling BEVs can be made for well under £25,000, perhaps that should be the cap – to encourage more competition at the affordable end of the market (which would also pull down prices in the above segments). The grant could be a modest £1,000 at prices
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