Hyperdrive
EVs Flatline in UK, Leading Carmakers to Ask for Tax Cut
- Years of rapid market share growth petered out in 2023
- Trade group calls for VAT to be halved for a limited period
Electric vehicles’ market share growth has stalled in the UK, leading automakers now subject to a government mandate to seek a tax cut for consumers.
Roughly one in six new cars registered last year was battery-electric, in line with the year before, the Society of Motor Manufacturers and Traders said Friday. The trade group — whose members include Jaguar Land Rover, Nissan Motor Co. and BMW AG — is calling for the government to halve the value-added tax on EVs to 10% for a limited period.