Demand for electric vehicles is showing signs of going into reverse as sky-high price tags and the wider cost of living crisis are putting off all but the wealthiest, according to a report.
The share of new buyers searching for electric vehicles (EVs) on Auto Trader’s marketplace slumped from a high of 26 per cent in September last year to 16 per cent in February. Buyers appear to be switching back to petrol and hybrid vehicles, with the latter accounting for almost one in five new car ad views in January, compared with eight per cent a year earlier.
This comes despite the Government’s ambitious net-zero push and rules that will mean sales of new petrol and diesel cars are banned from 2030. Auto Trader’s Road To 2030 report reveals that the price of EVs and the tightening squeeze on household finances from rocketing inflation means they are fast becoming the preserve of the wealthy.
