Plans to ensure half of all new cars sold in the UK are fully electric by 2028 will drive down electric vehicle (EV) prices “further and faster,” experts have said.
Under Department for Transport (DfT) proposals, 22% of cars rolling off forecourts would have to be fully electric-powered from 2024, increasing to 52% of all cars by 2028. The targets for vans are 8% in 2024 and 34% in 2028.
Electric vehicle (EV) prices have fallen significantly in recent years thanks to cheaper batteries and a growing market, but plans to mandate all carmakers to meet targets should “have quite a positive impact on price,” experts predict.
“More manufacturers trying to sell more EVs, trying to get us to buy them is going to be a more competitive and therefore better market for the consumer,” said Richard Allan from New AutoMotive, a research group aiming to accelerate the switch to EVs.
Economies of scale, competition and penalties for carmakers who miss targets make EVs much more affordable, he said.
The mandate is designed to accelerate the shift away from petrol and diesel vehicles, sales of which will be banned from 2030.