The ONE MILLIONTH electric car will be on the road in February 2024, experts predict

  • Demand for new EVs has faltered in recent months as growth in sales slows
  • Registrations are being driven by fleets - fewer than 1 in 4 new EVs bought by private drivers
  • Even with dwindling sales, Cap Hpi says the millionth will be on the road soon

By ROB HULL, MOTORING EDITOR

Updated:

The UK is on course for its one millionth fully electric car to be on the road within just a matter of months.

Heading into October 2023, there were nearly 900,000 electric vehicles (EVs) registered, and - based on current demand levels - it could mean we hit the one million mark within the next three months. 

Cap Hpi, which specialises in car valuations, has earmarked February 2024 as the month one million battery-only vehicles will be navigating our streets for the first time as the push to go electric takes pace.

Even with demand for EVs faltering among private car buyers, Cap Hpi predicts the UK will hit the landmark of having one million pure electric vehicles on the road in February 2024

Even with demand for EVs faltering among private car buyers, Cap Hpi predicts the UK will hit the landmark of having one million pure electric vehicles on the road in February 2024

October's new car market experienced a 14.3 per cent growth, reaching 153,529 registrations, 7.2 per cent above pre-pandemic levels (2019) with 10,251 more units registered than four years ago.

This marked the best performance for the month of October since 2018, according to figures published by the Society of Motor Manufacturers and Traders (SMMT) earlier this week.

Pure EVs grew by 23,943 registrations, an increase of 20.1 per cent for the year-to-date, taking 15.6 per cent market share. 

Used EV sales double but still account for fewer than one in 50 second-hand car transactions 

The Society of Motor Manufacturers and Traders (SMMT) said 34,021 pure battery electric cars changed hands between July and September - 99.9% more than the same period a year ago.

However, more than twice as many Ford Fiestas changed hands in the quarter than all EVs combined. 

That said, there are now some electric cars that are cheaper to buy used than their petrol equivalents. We reveal which ones in the story linked below...

> Used EV sales double compared to a year ago but still account for fewer than one in 50 second-hand car transactions

While sales of EVs continue to grow as we edge closer towards the - recently delayed - 2035 ban on sales of new petrol and diesel cars, its without question that demand for electric cars has faltered in recent months.

And Cap Hpi says the heady days of huge 200 per cent increases in EV registrations experienced between 2019 and 2020 are yet to be repeated - and unlikely to return anytime soon.

However, at the current uptake, we can expect the one millionth EV to be registered in the UK by February.

Matthew Freeman, managing consultant at cap hpi, commented: 'October saw BEV uptake increasing for the 42nd successive months. 

Taking into account overall market growth, this amounted to a EV market share of 15.6 per cent - a relatively small rise from last year's figure of 14.8 per cent.

'EV registrations are being driven mainly by the fleet sector with private registrations accounting for less than one in four new EVs this year. 

'This highlights the requirement for further incentivisation for private drivers. 

'However, we are predicting that February 2024 will see the milestone of one million EV's on UK roads for the first time.'

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