The cost difference between electric vehicles (EVs) and their petrol and diesel counterparts has reached a record low, according to a joint industry initiative called “The Facts” led by Autotrader, ChargeUK, and the Society of Motor Manufacturers and Traders (SMMT). The upfront price gap has narrowed to 19%, down from 33% last year. This reduction is partly due to manufacturers adjusting their prices to qualify for the UK government’s Electric Car Grant (ECG), which offers discounts of up to £3,750 on models priced £37,000 or less.
As a result, the number of new EV models priced under £30,000 has increased to 37, up from 33 in June. The initiative aims to provide accurate and balanced information to dispel common misconceptions about EVs. The UK now has 85,163 public charge points, including 17,132 ultra-rapid chargers, with a new charger added every 31 minutes on average.
The used EV market is also performing well, with pricing in line with the broader used car market. One in six inquiries on Autotrader are now for electric cars, compared to just 2% in 2020. The Electric Car Grant has contributed to a significant increase in interest in affordable EVs, with many models under £37,000 becoming top sellers on Autotrader.
Industry leaders have welcomed the development, citing the growing affordability and accessibility of EVs. Parliamentary Under Secretary of State for Transport, Keir Mathers, said that owning an EV has never been more affordable, thanks to the government’s efforts to make them cheaper and more convenient. Erin Baker, Editorial Director at Autotrader, expects the increased interest in EVs to translate into higher sales, supported by the company’s campaign to provide accurate information to drivers.
The “The Facts” initiative aims to provide trusted information to help consumers make informed choices about EVs. Nick Connor, CEO of the IMI, emphasized the importance of easy access to accurate information and a skilled automotive workforce to support the growing EV market. The collaboration across the sector is seen as vital to giving consumers and businesses the confidence to adopt electric vehicles.