Posted 1/5/2024, 12:57:00 PM
Electric Car Sales Hit Record High But Fail to Gain Market Share Amid Calls for More Incentives
- Electric vehicle sales hit a record high in 2022 but failed to increase market share for the first time since 2018
- This has prompted calls for tax cuts to incentivize private buyers and boost EV uptake
- EV running costs are lower than petrol/diesel but upfront prices are 30-40% higher without government grants
- Charging infrastructure is improving but still lags behind and needs to expand faster to support EV growth
- Stricter government quotas requiring automakers to sell more EVs take effect in 2023, even as the petrol/diesel ban was pushed back to 2035