EVs set for major boost in 2023
2022 was a record year for electric vehicle (EV) registrations, with a 40% year-on-year increase despite ongoing supply chain issues – and 2023 is set to see this acceleration get a major boost.
We’ll see more new vehicles, with more choice for drivers than ever before. As well as traditional brands set to increase their electric vehicle ranges and offers, this year we can also expect to see more new manufacturers, including some disruptive new names.
Many of these disruptors are coming from the Chinese market. At the end of last year, we announced that International Motors had chosen Lloyds Banking Group as their finance partner to bring electric vehicle brand GWM ORA to UK customers. GWM ORA is the first all-electric car brand from Chinese manufacturer Great Wall Motor (GWM), who awarded International Motors the rights to distribute GWM ORA in the UK. We’re really excited about this new partnership which will help us to bring electric vehicles to even more people.
Alongside GWM ORA, other brands such as Ng and Polestar are helping showcase the Chinese expertise in EV technology, which gives them a genuine opportunity to grow in the UK and EU markets.
As well as an increase in makes and models, EV company car drivers also now benefit from the clarity the government has provided on benefit-in-kind tax rates for EVs. They will increase by just one percentage point year-on-year for three years from April 2025. And the advisory electricity rate has increased from 5p per mile (ppm) to 8ppm. This will undoubtedly help to grow the market further.
The latest data shows there are over 37,000 charging points at over 22,000 locations across the UK. A continued focus is needed from government to support the rollout of public charging points in residential - and particularly rural - areas.
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