We conducted research into the Society of Motor Manufacturers and Traders (SMMT) vehicle registration data. We found that Battery Electric Vehicles (BEVs) in 2020 have already grown 76.1% on the whole of 2019.
Katie Hickford, our Analyst said that during COVID-19 lockdown there has been a backlog of already ordered vehicles. This will have contributed to this increase. It is also likely that EV sales have been bolstered over the summer months by pent-up demand.
However, this is not the only factor allowing us to see such a growth in BEV sales, with the Benefit in Kind company car tax change, making BEVs more financially attractive,” she added.
The market has also seen new EV models become available this year, including the Tesla Model 3, the Vauxhall Corsa-e and VW’s ID.3, improving customer choice. Cost parity with internal combustion engine (ICE) vehicles has also continued to improve, led by falling lithium-ion battery prices.
Katie Hickford, Analyst
