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29 August | Government

House of Lords launch inquiry into EVs 

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The House of Lords has launched an inquiry into electric vehicles (EVs) to explore the main barriers preventing the Government from achieving its target of decarbonising cars and vans by 2030.  

The House of Lords Environment and Climate Change Committee has called for written submissions to assist the inquiry.   

The committee said it will “seek to understand the costs, alongside the benefits, associated with the 2030 end date of sales of new petrol and diesel cars and vans in the UK, and Government progress towards both its deadlines.” 

Baroness Kate Parminter, Chair of the Environment and Climate Change Committee, said: “The rubber is now hitting the road – as we can’t get to net zero without individuals making changes to our lives, how we travel and what we buy. Using EVs for passenger transport will be a part of that." 

30 August | HGVs

Commercial vehicles falling behind government phase-out targets: BVRLA 

The UK is behind schedule in its plans to phase out the sale of new ICE commercial vehicles, according to BVRLA members.  

In its latest survey, the association found that 88% of its members think the UK is behind schedule on its phase-out targets for HGVs. For vans, 93% of respondents say the nation is behind schedule. No respondents believe the UK is ahead of schedule for the respective targets for vans or HGVs. 

BVRLA members own and operate a combined fleet of 90,000 trucks and 826,000 vans and buy more than half of new commercial vehicles sold each year. 

The roadmap for electric and hydrogen commercial vehicles will take centre stage at the BVRLA’s Fleets in Charge Conference in London on 20 September. As part of the full-day event, the ‘Great Freight Debate’ will see a panel of commercial vehicle experts provide insights to support those working with HGVs and developing vehicle transition strategies. 

24 August | Financing

Finance set to drive record high of £23bn in UK used car sales for 2023 

A record 1.5 million used cars will be financed by consumers in the UK this year, borrowing a massive £23 billion, according to AA Car Finance. 

Consumers bought 388,309 second-hand cars on finance in the first three months of 2023, up from 379,512 the previous year. 

If current trends continue, UK motorists will be on course to borrow £23 billion for used car purchases this year, a huge 164% increase on the nearly £9 billion loaned out in 2013, research by AA Cars Finance found. 

Ten years ago, customers bought only 915,340 used cars on finance, but an appetite for alternatives to buying outright means 2023 is set to show such purchases have risen 69%. 

While the total volume of loans advanced will hit record levels, the amount borrowed per vehicle was down by more than 5% to £14,913 in Q1 in 2023. 

23 August | BEVs

Used BEV sales are growing, but support is needed: MotoNovo 

The recent news from the Society of Motor Manufacturers and Traders (SMMT) that sales of used battery electric vehicles (BEVs) grew in Q2 by 81.8% should not mask the reality that used BEVs accounted for just 1.7% of the market and that supply has been exceeding demand. This, in turn, has led to falling used EV values for much of the year. 

Richard Jones, Managing Director at MotoNovo Finance, says concerted action is required to encourage greater adoption of used BEVs; he says: “While I am pleased to see growth in used BEV sales, this must be set against the latest new car registration data, where BEVs achieved just a 10.9% market share. 

“Used BEV supply is set to increase significantly in the coming months, and so action is needed to encourage consumers to switch to used BEVs. Some of this is educational, but I believe support is also needed from government agencies." 

21 August | Scotland

Scots lead the way on EV ownership: Carmoola 

In the wake of a recent report that said one EV was sold every minute in July, car finance provider Carmoola has investigated the growing popularity of electric and hybrid vehicles in England, Wales and Scotland. 

According to a survey of 2,202 respondents across Great Britain, the Scottish population is leading the way when it comes to driving pure electric vehicles (EVs).  

Scots have the highest percentage of EVs with 5% claiming to have an EV as their main car, while the Welsh are least likely to have an electric vehicle, with 1% of those surveyed having an EV as their main vehicle.  

Car sales have been on the rise for the past 12 months with the SMMT reporting that battery electric vehicle (BEV) registrations jumped 87.9% to 23,010, meaning one new EV was sold every minute in July 2023.