Sparking An EV Revolution

Sales of Electric Vehicles (EVs) soar

In 2022, the UK electric car market is set to increase its growth trajectory still further, following an impressive year that has seen plug-in car sales soar to over 300,000 units. According to the Society of Motor Manufacturers and Traders (SMMT), more battery electric vehicles (BEVs) were registered in 2021 than in the previous 5 years combined!

Last year, 190,727 new BEVs joined Britain’s roads, together with 114,554 plug-in hybrids (PHEVs), meaning that 18.5% of all new cars registered in 2021 can be plugged in. This is in addition to the 147,246 hybrid electric vehicles (HEVs) registered, which took a further 8.9% market share in a landmark year for electric vehicle registrations.

The Government has said that all new cars and vans sold in the UK must be fully electric by 2030. A £2.8bn package has been earmarked to support the phase-out of new diesel and petrol cars, to underpin the pledges made at COP26 (see www.propelfinance.co.uk/news/green-energy-finance/).

Following billions of pounds of investment into new technology by manufacturers, more than 40% of new models are now available as plug-ins. Tesla’s Model 3 has emerged as the top seller in its category, with 34,783 cars sold. The brand also leads the category overall with a 9% market share in December, compared to Volkswagen’s 8% and Audi’s 7%. Watch this space for exciting manufacturer activity, launches and announcements in 2022.

Number of Battery Electric Vehicles set to double in 2022

As reported by Business Green, the number of battery electric vehicles (BEVs) sold in the UK is predicted to double in 2022, potentially taking a 15% share of the total new car market by the end of the year.

UK’s charging point infrastructure is growing fast

Previously a point of contention, the UK’s charging point infrastructure is catching up rapidly with the significant rise in demand as the numbers of locations and installations grow daily. According to Zap-Map, as of 10th January 2022, the numbers had increased to 48,596 connectors and 28,789 devices across 18,111 locations.

Excellent EV customer journey

The EV driver experience is also gaining outstanding reviews. In Zap-Map’s latest survey, 91% of drivers said that they were ‘extremely happy’ with their EV. The research also highlighted that EV drivers are increasingly confident about driving long distances. Over half of the respondents (53%) said they have driven more than 200 miles in their EV in one trip; and almost a quarter (24%) over 300 miles in a single journey.

EV News Roundup

There’s so much more to the EV market than cars alone!

Backed by £3bn of Government funding, Bus Back Better initiative pledges to introduce 4,000 new electric or hydrogen buses to Britain’s roads. UK bus operators have also invested over £1.3bn in cleaner buses over the past 5 years.

The manufacturing sector has also stepped up to support the move towards cleaner, greener transport. Arrival, a UK manufacturer with a strategy based around micro-factories and mobile robots has signed a deal with First Group for their first road trial. The partnership of BYD with UK manufacturer Alexander Dennis has taken the UK’s biggest ever order for electric buses; and is delivering 195 vehicles to Transport for London (TfL) (Source: Interact Analysis).

Heavy goods vehicles make up around 16% of the UK’s domestic transport emissions; and addressing this can play a significant role in delivering the UK’s net-zero ambitions. Tesco has powered into the new year by launching the UK’s first commercially used fully electric heavy freight articulated trucks. Two new 37 tonne DAF electric vehicles will transport food and other products from Wentloog rail terminal outside Cardiff to Tesco’s distribution centre in Magor, Wales, in partnership with logistics and international freight forwarding company, FSEW. These first two lorries will replace around 65,000 diesel-fuelled road miles with clean green energy, removing 87.4 tonnes of CO2 per year (Source: Business Green).

The UK Government is also reported to be exploring the feasibility of ‘electric highways’ for zero-emission trucks using overhead wires on motorways across the country. The proposed plan would use the Siemens Mobility ‘eHighway’ technology, which has been trialled on small road systems in Germany and Sweden (Source: edie.net).

Plug into Propel and put your best fleet forward

Propel is championing the change to clean energy.

We support the Finance & Leasing Association’s (FLA) Building on Net Zero Plan, which sets out a clear and consistent approach to green finance – including the introduction of a ‘Green Finance Guarantee’ (GFG), further support for net-zero commercial vehicles including plant & machinery (electric, hydrogen & other forms of alternative fuel) and supportive measures for businesses including capital allowance changes.

Whether you are looking to finance investment in EV infrastructure (such as charging point installations) or one electric car, van, truck, bus or an entire fleet of vehicles; we would love to support you by making the switch easier, faster, more affordable and convenient.

Matt Jones

Head of Product & Specialisms