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Electric Vehicle sales soar by 184% during the ‘weakest September’ for car sales in more than 20 years
Oct 23, 2020
The Society of Motor Manufacturers and Traders (SMMT) has released a report showing that battery electric vehicle (BEV) sales soared in September – with sales rising by 184% in comparison to last year.
Drop in new car registrations
In the first month of the new ‘70’ vehicle number plate figures show that new car registrations have dropped by 4.4%. According to SMMT the UK car market recorded 328,041 new registrations last month, making it the weakest September on record since the introduction of the dual number plate system in 1999. Figures also reveal the overall number of new car registrations during the first nine months of the year were down 33% compared with the same period in 2019.
Mike Hawes, SMMT Chief Executive, said: “Despite the boost of a new registration plate, new model introductions and attractive offers, this is still the poorest September since the two-plate system was introduced in 1999.
The rise of hybrid vehicles
According to this report, the sales of plug-in hybrid vehicles also increased by 138%. With the sales of new petrol vehicles reporting a 20% year-on-year reduction and diesel a 38% year-on-year reduction. As more people make the switch to electric vehicles this reduction trend is likely to continue.
Interested in electric vehicles for your business?
At British Gas Business we’re proud to offer workplace electric charging – helping assist businesses make their transition to electric vehicles. As a business energy supplier and EV installation expert, we’re unique in our ability to offer end to end project management, from assessing site supply and new connections to final installation. Find out more about our workplace electric charging points below.
Balancing planet and profit during unprecedented market volatility
Wholesale energy prices have experienced unprecedented levels of volatility since the end of summer 2021, with both day ahead/spot and future contracts surging to all-time highs. In the last couple of months, prices have decreased but still remain high compared to a year ago. This period of high energy prices is expected to continue for the foreseeable future (see next section). Energy prices have surged for a number of reasons: A global increase in gas demand following the ease or end of Covid-related restrictions throughout 2021. After the pandemic, economies across the world started to recover. Asian countries like China saw their imports of Liquified Natural Gas (LNG) increase. This resulted in lower LNG shipments to the UK and Europe. On the supply side, the Covid-19 lockdowns pushed some maintenance work from 2020 into 2021 at a time when demand was recovering. In 2021, gas production hit a record low of 363TWh, 47TWh below the previous record low in 2013. Low production was the result of an extensive summer maintenance schedule which saw shutdowns at several major terminals, as well as the Forties Pipeline System which serves a significant proportion of UK gas and oil production. A lack of wind in the summer resulted in higher demand for conventional power. European gas storage in 2021 and Q1’22 remained far below previous years and it’s unclear how these are going to be replenished in the summer given the concerns around supply including the potential suspension of Russian gas flows due to sanctions. The 1,234km offshore Nord Stream 2 gas pipeline, which was designed to double the flow of gas between Russia and Germany (and by extension the rest of Europe) has been abandoned following the invasion of Ukraine. Gas storage in the UK is extremely minimal with capacity at less than 2% of the UK’s annual demand, compared with 22% for other European countries. Whilst the UK is not heavily reliant on gas coming from Russia, it sources almost half it’s gas supply from Europe. Hence, wholesale gas and power prices in the UK are now subject to knock-on-effects from the conflict in Ukraine.
Amidst rising energy costs, digitalisation, growing pressure from stakeholders and increasing regulation, organisations may struggle to define their pathway to a low-carbon future. What can you do to protect your business’ net zero plans from the challenges of volatility? Disruption and volatility are putting organisations under pressure. Digitalisation and new technology developments continue to challenge existing business models. Its increasing dependence on energy and encouraging businesses to drive change to secure competitive advantage. And as customers, employees and shareholders look to engage with companies who understand the importance of decarbonisation, pressure is mounting to prioritise sustainability.