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POWER: UK EV Market Share Jumps to 21% from 15% Last Year

POWER
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The UK’s EV market share surged to 21.3% in January, up from less than 15% a year ago, as registrations of fully electric cars jumped 41% year-on-year to 29,900, data from SMMT show, cited by The Times. 

  • Despite this growth, EV sales still fell short of the 22% target set for 2024 and remain behind the 28% requirement for 2025 under the Zero Emission Vehicle (ZEV) mandate.
  • Overall new car sales fell 2.5% in January to 139,000, reflecting weak consumer sentiment, high borrowing costs, and rising car prices.
  • Additionally,Tesla saw a decline, with UK sales down 7% to 1,400, as European brands like BMW, Mini, Volkswagen, and Peugeot ramped up EV production.
  • Chinese carmaker BYD overtook Tesla in UK EV sales, mirroring its global rise as the world’s largest electric car manufacturer.
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The UK’s EV market share surged to 21.3% in January, up from less than 15% a year ago, as registrations of fully electric cars jumped 41% year-on-year to 29,900, data from SMMT show, cited by The Times. 

  • Despite this growth, EV sales still fell short of the 22% target set for 2024 and remain behind the 28% requirement for 2025 under the Zero Emission Vehicle (ZEV) mandate.
  • Overall new car sales fell 2.5% in January to 139,000, reflecting weak consumer sentiment, high borrowing costs, and rising car prices.
  • Additionally,Tesla saw a decline, with UK sales down 7% to 1,400, as European brands like BMW, Mini, Volkswagen, and Peugeot ramped up EV production.
  • Chinese carmaker BYD overtook Tesla in UK EV sales, mirroring its global rise as the world’s largest electric car manufacturer.