Car makers are on track to meet their zero-emission vehicle (ZEV) mandate targets for this year, despite many falling short of the electric vehicle (EV) sales targets.
The ZEV mandate, which compels automakers to sell a specific percentage of electric cars annually, imposes fines of £15,000 for each car sold below the target. In 2024, the target is set at 22%, gradually increasing to 80% by 2030.
By the end of July, electric vehicle registrations had increased by 10% to 195,000, according to the Society of Motor Manufacturers and Traders (SMMT).
However, this still represents only 16.8% of the market share. New AutoMotive, an industry analyst, predicts that overall EV sales will reach just 18% by the year’s end, yet manufacturers are expected to comply with the ZEV mandate through various strategies.
It said that the top five car manufacturers by volume all gained on or have already exceeded their targets in June. Stellantis group increased its share of BEVs in the year to date from 16.8% to 17.8%, helped by a strong July for Peugeot and Vauxhall, whose EV sales were 28% and 22% respectively. VW Group also closed the gap, increasing its share of BEVs in the year to date from 12.3% to 12.9%.
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