EV Revolution
Clarehill Associates were delighted to be invited to a reception at the House of Commons last week to discuss the Electric Vehicle Revolution with Regen SW.
In 2017 only 2% of UK car sales were EV models.
By 2025 70% of new car sales could be EVs.
During the speeches, a number key issues were highlighted and for those of you who are interested, here is a quick summary:
EVs could become the vehicle of choice towards the mid 2020s and dominate the market as the end date for petrol and diesels approaches due to:
- Manufacturers bringing out new models with greater range and efficiency
- Cost falling as manufacturing reaches scale
- Consumer acceptance of EVs driven by concerns over pollution and low running costs
- China continuing to set the international pace in market demand and supply
And EV could reach a tipping point even quicker by 2021 where an overwhelming consumer demand for EVs leads to a rapid and disruptive market expansion.
Demand caused by:
- Low running costs and price reductions
- Pollution and environmental concerns e.g. cities penalising petrol/diesels
- New models and marketing driving lifestyle choices
- New technology solving range and degradation issues
- Resale market for diesel/petrol collapsing
With its successful automotive industry and strong government backing the UK is in an excellent position to play a leading role in development of EVs.
The government will need to get serious about tackling emissions and, of course, get a Brexit deal that works for a sector that is integrated across Europe.
Thanks to Regen SW, James Heappey MP and Dan Monzani, director of Energy Security, Networks and Markets at BEIS
Link: Harnessing The electric vehicle revolution