Britain forecast to reach peak gasoline this year in landmark moment for electric vehicles
The battery of an electric car is recharged at a roadside charging station on January 09, 2024 in London, England.
Leon Neal | Getty Images News | Getty Images
Britain is forecast to hit “peak petrol” in 2024, according to a new report, with electric vehicles (EVs) on track to assume a much bigger share of the country’s car market.
Auto Trader said in an analysis published Wednesday that it expects the number of gasoline-powered cars on Britain’s roads to tumble by almost half over the next decade as drivers shift toward EVs.
The online vehicle platform estimates there were 18.7 million gasoline-powered cars on the country’s roads in 2024, although this figure is expected to steadily decline to just 11.1 million by 2034.
At the same time, it is expected the number of EVs on Britain’s roads will soar to 13.7 million over the next decade as affordability improves, up from 1.25 million in 2024.
The EV share of the new car market is projected to rise from roughly 18% this year to 23% in 2025, Auto Trader said, noting that this is still some way below the 28% target for sales under the U.K. government’s Zero Emissions Vehicle (ZEV) mandate.
“Peak petrol is a genuine landmark for the UK,” Auto Trader’s Ian Plummer said in the report.
“We expect to see a seismic shift in British motoring over the next decade as the number of petrol cars falls by nearly half and EVs take a much bigger share,” he added.
“All this is happening against the backdrop of exceptionally strong used car demand despite a range of challenges for the industry, not least the introduction of ZEV targets, constrained supply, changing finance rules, and the Budget,” Plummer said.
ZEV mandate
Under the current rules, manufacturers are required to ensure that at least 22% of new cars sold are zero emission vehicles. This ZEV target is set to increase to 28% from next year, before rising to 80% by 2030 and 100% by 2035.
Britain’s center-left Labour government has faced calls to urgently consider reviewing the ZEV mandate, with demand for EVs flagging due to their relatively high costs.
The Society of Motor Manufacturers and Traders, a car lobby group, warned late last month that government targets were putting too much pressure on the industry, raising the potential for “devastating impacts” on business viability and jobs.
Last week, automotive giant Stellantis announced it planned to shut its Vauxhall van factory in Luton, southern England, in a move that put more than 1,000 jobs at risk.
A group of 14 NGOs, think tanks and campaign groups wrote an open letter to the U.K. government in mid-November, however, calling for the ZEV mandate to be upheld.
The group said the policy remains one of the country’s single biggest carbon saving measures and argued the current flexibilities provided to the car industry were sufficient.
A U.K. government spokesperson said it would soon bring forward a consultation to consider how to support the industry to reach its commitment to phase out the sale of new cars powered solely by internal combustion engines by 2030.
“We are alive to the global challenges the industry is facing,” a government spokesperson told CNBC via email, citing a £2 billion ($2.54 billion) investment to support the transition of domestic manufacturing and a budget announcement of over £300 million to drive the uptake of EVs.
Kia officially opened its first production hub dedicated to building electric vans. Once fully operational, Kia’s Hwaseong EVO Plant will be about the size of 42 soccer fields.
Kia opens new production hub for PBV electric vans
The dedicated production facility was first announced in 2022 as part of Kia’s new Platform Beyond Vehicle (PBV) business strategy.
Kia’s PBV plant is a cornerstone of its plans to become a leader in the light commercial electric van market by 2030.
On Friday, Kia took a big step by opening the first phase of its production hub. Kia announced on November 14 that it has now officially completed the Hwaseong EVO Plant East portion and broke ground on the EVO Plant West site.
A completion ceremony was held at Kia’s Autoland Hwaseong plant, attended by around 200 guests, including South Korean Prime Minister Kim Min-seok and Hyundai Motor Executive Chairman Euisun Chung.
The new EVO Plant East is a 98,433 square-meter site with an annual production capacity of 100,000 units. Kia will build the PV5, its first electric van, including the Passenger, Cargo, Chassis Cab, and Wheelchair Accessible Vehicle (WAV) models.
The EVO Plant West spans 136,671 square meters and will add 150,000 units of Kia’s upcoming larger PBV vans, including the PV7.
Kia also operates a dedicated PBV conversion center, where it builds custom models based on the PV5, including open-bed trucks, camper vans, and box vehicles.
Combined, the entire PBV Production hub will have an annual capacity of 250,000 units, spanning over 303,750 square meters, or about the size of 42 soccer fields.
Kia is already delivering the PV5 Passenger and Cargo variants in South Korea and Europe, with plans to continue rolling it out to new markets over the next few months.
Last month, the PV5 Cargo set a new Guinness World Record for the greatest distance travelled by a light-duty battery-powered electric van with maximum payload.
In Europe, the PV5 Passenger is available with two battery packs: 51.5 kWh and 71.2 kWh, delivering WLTP ranges of 183 miles and 256 miles, respectively. The Cargo variant has the same battery pack options, but is rated with WLTP ranges of 184 miles and 258 miles.
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Black Friday and Cyber Monday just got a whole lot more electrifying, thanks to isinwheel. The urban mobility brand known for its powerful electric bikes, electric scooters, and electric skateboards is kicking off its biggest sale of the year from November 14 through December 1. True to its motto – Move Smart, Move Fun – isinwheel blends intelligent tech with pure riding joy, and now you can snag your dream ride for a whole lot less.
During the BFCM event, in addition to generous markdowns, shoppers can stack savings like never before: get an extra 10% off when you buy two items, plus up to $100 in additional discounts on bigger orders ($30 off $500, $50 off $1,000, and $100 off $1,500). Members will earn 5X points that can be redeemed for accessories, and Electrek readers get something special: use promo code electrek50 for an exclusive $50 off any isinwheel product.
Time to ride smarter, faster, and more fun this holiday season – check out the deals below.
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Save on the isinwheel S Nova Pro Commuting Electric Scooter this Black Friday and Cyber Monday
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isinwheel H7Pro 1200W High-End Commuting Electric Scooter with Seat
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isinwheel GT4 2400W Dual Motor Off-Road Electric Scooter
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Black Friday deals on isinwheel’s U8 Electric Bike for Adults
The U8 Electric Bike for Adults packs serious power into a compact frame designed for city riders who don’t want to compromise on performance. Its 1000W max motor makes it a Class 3 e-bike that tops out at 28 mph, giving you the muscle to cruise through long commutes or conquer steep hills with ease. With up to 75 miles of range on a single charge, this cruiser bicycle is built to go the distance, whether you’re commuting, exploring, or just out for fun.
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isinwheel V10 Off Road Electric Skateboard with Ambient Light & Remote Control
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Hyundai and Kia scored a win on Friday after the South Korean government pledged to boost EV subsidies by 20%.
Hyundai and Kia get a lift with government EV support
Hyundai Motor, including Kia and Genesis, is going all-in on the US market, pledging to ramp up local production and introduce a range of new electrified vehicles.
Like many others, the new 25% tariffs for exports to the US have already taken a toll on the South Korean auto giant. Hyundai said it took about 1.8 trillion won ($1.2 billion) in tariffs-related losses in the third quarter. Kia reported a 1.2 trillion won ($830 million) hit.
To help it overcome the extra costs, the South Korean government said it will increase EV subsidies by 20% next year.
The South Korean Ministry of Foreign Affairs announced on Friday (via Reuters) plans to raise EV subsidies by 20%, from 780 billion won ($540 million) this year to 936 billion won ($645 million) in 2026.
South Korea also committed over 15 trillion won ($10.3 billion) in financial support for domestic auto parts and car makers in 2026, including low-interest-rate loans and guarantees.
The government is ramping up investments in next-generation vehicles, aiming to produce fully autonomous cars domestically by 2028. South Korea is dedicating an extra 50 billion won, on top of the 150 trillion won in funding, to advance the new tech. It’s also looking to incentivize automakers to reach specific targets, such as five-minute fast charging, a 1,500 km (932 miles) driving range, and prices on par with gas vehicles by 2030.
Separately, the US and South Korea agreed to lower tariffs on imported goods, including vehicles from 25% to 15%. The lower rate puts South Korean automakers like Hyundai and Kia on par with Japanese brands. Japan reached a similar deal with the US in September.
Despite the tariffs, Hyundai and Kia both set new third-quarter sales records in the US. Combined, they sold over 480,000 vehicles, an increase of 12% compared to Q3 2024.
To offset the loss of the $7,500 federal tax credit, Hyundai and Kia are offering some of the most significant discounts on EVs in the US.
Earlier this month, Kia introduced a new $10,000 customer cash discount across its entire lineup. The Hyundai IONIQ 5 remains one of the most affordable EVs in the US, with leases starting as low as $189 per month.
Interested in a test drive? We can help you get started. Check out our links below to find Hyundai and Kia EVs near you.
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