EV sales growth continues in eight out of ten of its biggest markets

According to the latest data from New AutoMotive’s Global Electric Vehicle Tracker (GEVT), eight of the world’s ten largest electric vehicle (EV) markets continued to experience growth from the beginning of 2024 to May this year.

Perhaps unsurprisingly, China and the US continued their positions as the world’s largest EV markets, accounting for around three-quarters of global EV sales between them. Despite that, each of the top 10 country’s EV markets grew by 20 percent over the past twelve months, keeping in line with global trends.

These wider global trends saw EV sales rise by 23 percent to 10.5 million in the same period - a trend that, if continued, will see global EV sales double their market share by 2028.

The only two countries in the top ten EV markets not to experience growth were Germany - a country still reeling from its chaotic withdrawal of EV incentives  - and Sweden, which has one of the leading EV adoption rates in the world.

The UK had another strong month, outperforming France to become the leading European EV market. Meanwhile, in Norway, the combined sales of petrol and diesel vehicles now account for less than 4 percent of new vehicle sales.

Outside of Europe, EV market share is continuing to grow. EVs in Brazil (354 percent), Thailand (163 percent), and India (65 percent) all experienced a huge uptake when compared to last year, continuing the trend of rapid EV adoption seen so far in 2024.

Volkswagen invest £3.95bn in Tesla rival

Volkswagen continued its commitment to funding the development of LEVs with an investment of £3.95bn into EV manufacturing start-up Rivian.

The manufacturer has struggled for consistent growth amidst an incredibly competitive start-up market, and the deal with the automotive giant will mean a technology share that allows VW to access Rivian’s software systems for its own use.

Rivian shares also jumped by almost 50% after the announcement.

VW, like other motor industry giants, has come under pressure from rivals like Tesla and China's BYD as it tries to move on from fossil fuel-powered vehicles.

Robert ‘RJ’ Scaringe, the founder and CEO of Rivian, said Volkswagen’s money will allow it to develop its R2 SUVs, with the manufacturer since announcing as many as five planned models to be released over the next five years.

Under the deal, Rivian, seen as a rival to Tesla, will get an immediate investment of £790, on December 1, depending on regulatory approval.

VW will also pay another £790m when the JV models arrives. This is expected to be in the last three months of 2024.

Vitaly Golomb, managing partner at Rivian investor Mavka Capital, said: “Any cash infusion like that is huge.”

“Getting the support of Volkswagen Group certainly really strengthens their story toward Europe and toward Asia eventually.”

Car dealers call on election winners to accelerate UK EV support

We covered Labour’s proposed plans to re-instate the 2030 ICE sales ban in our previous round-up, and this week we’re back with more election-based EV developments.

This comes as the National Franchised Dealers Association (NFDA) has highlighted the need to continue the acceleration of support for EVs from the incoming British government.

In a survey of its membership, the NFDA discovered that the key challenge for various dealership groups across the UK was to ‘restimulate” the private EV market, as well as meeting ZEV mandate targets.

Dealerships were asked how much pressure they are receiving from their respective manufacturers to sell electric models and meet the Zero-Emissions Vehicle Mandate target for this year. 39% responded ‘a great deal’ whilst 32% put ‘a moderate amount’.

Sue Robinson, NFDA chief executive, added:

“In the survey, dealerships have highlighted the sector’s persistent skills shortage, restimulating the private electric vehicle market and reforming business rates as fundamental areas that will need addressing from the next government.”

“These developments served to demonstrate the need for a push towards ensuring the delivery of Britain’s sustainable and green policy, and a need for any ruling Government to continue the charge of investment and incentive to keep our EV transition running smoothly.”

Balancing the grid: UK trials dynamic pricing to manage energy demand

A UK-first EV trial by UK Power Networks, Octopus Energy and ev.energy aims to showcase the potential of smart charging in both balancing the UK’s energy supply and meeting EV charging demand.

The Shift 2.0 trial is now underway, designed to test how dynamic prices influence smart charging. It will enable electric vehicle drivers to maximise their use of cheap green energy without overloading local electricity networks. 

The trial involves more than 1,500 EVs responding to dynamic network price signals to help manage demand on the electricity network and shift energy usage out of peak times.

In early April this year, the trial showed that the majority of EVs on Intelligent Octopus Go, Octopus Energy’s smart tariff started charging in the early evening during low wholesale electricity prices caused by an increased supply of wind energy. Early evenings are typically when local electricity networks are already most highly used.

These developments could be crucial in understanding how the grid can manage the increased strain expected with our switch to electric mobility. Trials like this show how proactive the energy industry is in finding solutions to a potential future problem.

Beyond that, implementing demand flexibility into our home EV charging will benefit drivers by lowering the price of charging at home even further. With charging software being primed to upgrade the capabilities of compatible chargers for years to come, initiatives like demand flexibility could be the easiest way to save money and reduce grid strain for years to come.

That’s all again for the past week in EV news! Be sure to follow our social media channels to stay in the EV loop, and check out our blogs & news section if you’re interested in learning more about the electric journey.