UK charging company warns of changes in electric vehicle sales amid difficult market | Electric, hybrid and low-emission vehicles

A charging company said proposed changes to electric vehicle sales rules in the UK could increase uncertainty about demand. He said the problem was due to the low number of purchases made by UK drivers.

Pod Point, majority-owned by EDF Energy, said it earned $53 million in revenue from charger and service sales in 2024, compared with a target of $60 million, due to weak demand for new vehicles. Shares in the London-listed company fell by more than a third on Monday morning.

The auto industry has been warning of difficult market conditions for more than a year. Sluggish sales across the market are hitting electric vehicles especially hard. That's because electric cars still tend to be more expensive up front (though not in the long run) than gasoline cars.

These weaknesses have led the industry to lobby the UK government to relax sales quotas, known as zero-emission vehicle (ZEV) regulations. The regulations require automakers to sell more electric vehicles each year.

The headline target for 2024 was 22%, rising to 28% this year, but car manufacturers have significant flexibility to effectively sell fewer cars and the government has opened a consultation expected to further relax the rules.

For charger companies, the prospect that electric vehicle sales will further decline will also be a blow. Pod Point CEO Melanie Lane said there was a difficult market environment for the EV industry, with a weaker-than-expected civilian EV market hurting home charger sales.

Potpoint said difficult times will continue in 2025 and it is unlikely to meet market sales expectations. It said consultations on changes to the ZEV mission could further increase near-term uncertainty in the sector.

The government said that even if all UK car manufacturers used the flexibility, they would actually meet their targets and avoid large financial penalties for failure.

A Department for Transport (DfT) spokesperson said: The flexibility of the ZEV mandate has ensured that the entire market will comply with the 22% target and no car manufacturer will have to pay a fine.

The statement comes after analysis by T&E, a campaign group on transport and environmental issues, which found only one car manufacturer had to buy credits from its competitors to avoid fines. T&E urged the government to resist manufacturers' calls to weaken the rules, insisting they are working as planned.

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The industry is complaining that regulations are too strict while demand is decreasing. Mike Hawes, chief executive of the lobby group Society of Motor Manufacturers and Traders, said manufacturers would need to spend $4.5 billion on discounting electric vehicles to make them more attractive to buyers and achieve that goal. .

“What is clear is that pressure is intense on the industry, even those brands that are demanding government support for consumers or those that have complied with regulatory reviews to ensure they are providing vibrant markets, business opportunities and economic growth,” he said. We all need it.

A Department for Transport spokesperson said: “2024 was a record year for the transition to electricity, with 382,000 EVs sold last year, a 21% increase on 2023.”

As more people make the switch to electric vehicles, this transition, if done right, will support the growth of the UK market and provide access to a multi-billion pound industry that will create high-paying jobs for decades to come.

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