UK set to race past ZEV legal targets as EV sales continue to soar

October marks the third consecutive month that electric vehicle (EV) sales have hit the 20% mark and places the car industry well above the 2024 targets set by the UK’s Zero Emission Vehicles (ZEV) mandate, according to New AutoMotive.

According to its latest Electric Car Count, EVs represented the fastest-growing fuel category of the month, accounting for a 20.8% market share. (SMMT figures: 20.7%).

Petrol and diesel vehicle sales continued to decline, representing less than 40% of the market for the second month straight. The petrol market alone has fallen by 14% compared to the first 10 months of 2023, even as the broader car market has grown by 3.5% during the same period.

European brands dominated October’s EV sales with Volkswagen, Mercedes-Benz, BMW, Peugeot, Audi, and Skoda each reporting EV sales between 18% and 30% of their total volume. Notably, Renault and Ford outperformed Tesla in EV sales, while Honda reported an impressive 32% of its electric sales.

New AutoMotive said that a strong October for EV sales means many manufacturers have improved their position. Honda has almost eliminated its shortfall, whilst Stellantis cut a quarter of its gap. VW's late surge has cut its gap by one-sixth. Among the largest car makers, Hyundai, BMW and Mercedes are all set to end the year with a surplus.

October sales mean that the industry has - when CO2 emissions out[1]performance is taken into account - exceeded the ZEV mandate target for 2024, and now has an excess of more than 13,000 credits. “With a glut of supply, this is a buyer's market means that manufacturers who fall short of targets will have many firms keen to sell them credits,” it said.

Ben Nelmes, CEO of New AutoMotive, praising the industry’s progress, said: “Electric car sales are going from strength to strength in the UK. This is the result of the efforts and investments made by forward-thinking carmakers, who are delivering cheaper, cleaner transport for all.

"This ambitious action is being supported by the UK's world[1]leading zero emissions vehicle mandate, which is a market[1]based approach that provides big rewards for companies that sell the most electric cars. This regulation is now providing foundational support for billions of investment in battery manufacturing and charge points.

"While electric car sales go up and down around the world, the UK's combination of tax breaks for company cars and ambitious regulation shows that it is possible to deliver rapid results for motorists and the environment."