Automotive Industry Calls for Electric Car Incentives as Market Share Declines

📆 4/4/2024 9:23 AM
📰 Observer_Owl

⏱ Reading Time:
5 sec. here
11 min. at publisher
📊 Quality Score:
News: 36%
Publisher: 72%

Automotive News

The automotive industry issued renewed pleas for electric car purchase incentives after new figures showed a decline in the vehicles’ market share. Some 15.2% of new cars registered in March were pure electrics, down from 16.2% during the same month last year, the Society of Motor Manufacturers and Traders (SMMT) said. The industry body urged the Government to halve VAT on the purchase of new electric vehicles (EVs), amend plans to introduce vehicle excise duty for EVs, and reduce VAT on public EV charging to bring it into line with home charging. Under the Zero Emission Vehicle (ZEV) mandate, at least 22% of new cars sold by each manufacturer in the UK this year must be zero-emission, which in most cases means they are pure electrics

The automotive industry is calling for electric car purchase incentives as market share declines. In March, only 15.2% of new cars registered were pure electrics, down from 16.2% last year. The industry urges the Government to reduce VAT on EV purchases, amend vehicle excise duty plans, and lower VAT on public EV charging.

The ZEV mandate requires 22% of new cars sold in the UK this year to be zero-emission.

Write Comment

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Business Business Latest News, Business Business Headlines