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Surging fuel prices and new Chinese brands trigger record EV sales

Electric car sales surged to a record high in March, rising by nearly a quarter as motorists responded to sharply increasing petrol and diesel prices. A total of 86,120 fully electric vehicles were registered, making it the strongest month on record, while overall car sales reached their highest March level since 2019. Electrified models, including plug-in hybrids and conventional hybrids, accounted for more than a third of all new registrations.

Chinese brands played a pivotal role in the growth. The best-selling model of the month was the Jaecoo 7, a mid-sized sport utility vehicle priced from around £35,000, which outsold long-established rivals. Other Chinese manufacturers, including BYD, MG, Omoda and Chery, also posted significant gains, collectively representing around 15 per cent of the market and delivering tens of thousands of vehicles.

Despite the record figures, electric vehicles still accounted for 22.6 per cent of total registrations, below the government’s mandated target of 28 per cent. Industry leaders welcomed the strong March performance but cautioned that economic uncertainty and rising living costs could dampen demand in the months ahead, even as interest in lower-cost electric alternatives continues to grow.

Original article source: https://www.dailymail.co.uk/money/cars/article-15712013/EVs-hit-record-sales-reaction-surging-fuel-prices-availability-cheaper-Chinese-models.html
Source Id: 9166490401

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