As another unprecedented year fast approaches a close, the adoption of plug-in electric cars continues at a rapid pace, despite the crippling semiconductor shortage in the automotive sector and the ongoing pandemic!
2021 has been another unprecedented year. A year, difficult to have scripted in advance, given the global uncertainties. For a start, the pandemic has continued to negatively impact the automotive sector, as families and businesses defer spending on big-ticket items. But the ‘double whammy’ of the pandemic along with the crippling semiconductor shortage, has left the automotive sector in a precarious predicament, not seen since the Second World War.
Despite the challenges, we at e-zoomed applaud the global automotive sector in doing its very best in conducting business with a ‘Never Give In’ attitude. In particular, the global electric vehicle sector did not disappoint. A number of new battery-electric vehicles (BEVs) and plug-in electric vehicles (PHEVs) were launched in 2021, to include the Mercedes-Benz EQB, Fisker Ocean EV, Volkswagen ID.5, further increasing the pool of electric vehicles (EVs) available to businesses and individual consumers.
Even the stock market did not hold back in its enthusiasm to recognise the significant achievements of EV manufactures, with the likes of Tesla Inc. achieving a market capitalisation over USD$ 1 trillion in 2021. Even, early stage electric vehicle (EV) manufactures, like Rivian Automotive Inc, achieved a stock market valuation of over US$ 100 billion when it listed on the NASDAQ stock exchange in November 2021. In fact, Rivian became a more valuable company than Ford Motor Company!
We expect 2022 to be no different than 2021, in that, the electric vehicle market will continue to mature as mainstream global automotive manufacturers develop and introduce new EV models. In fact, Toyota Motor Corporation has just unveiled 11 new EV concept cars.
From a consumer perspective, we expect the ‘demand curve’ momentum to only get stronger, as households and businesses seek more environmentally-friendly transportation solutions. The recent reduction in the PiCG incentive (December 2021) will not dampen the enthusiasm for acquiring EVs, given the significant increase in the availability of affordable EVs.
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For those of you new to zero-emission electric driving, we recommend a read of the following articles:
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November 2021 New Car Registrations (SMMT)
The November 2021 new car registrations update from The Society of Motor traders and Manufacturers (SMMT), is a continuation of the trend witnessed over the past 24 months i.e. the sales of plug-in electric cars continues to gain significant momentum. The registrations of pure electric cars (also known as battery-electric vehicles) has increased by 110% in November 2021, compared to November 2020 (21,726 BEVs registered in November 2021, compared to 10,345 in November 2020). The registrations of plug-in hybrid electric vehicles (PHEVs) has also increased, from 7,727 PHEVs registered in November 2020, compared to 10,796 PHEVs registered in November 2021.
Year-to-date, BEVs and PHEVs command a market share of 17.5%, a significant increase compared to the market share in 2020 (9.7%). YTD, 163,022 pure electric cars have been registered and 106,218 plug-in electric cars.
According to Mike Hawes, SMMT, Chief Executive, “What looks like a positive performance belies the underlying weakness of the market. Demand is there, with a slew of new, increasingly electrified, models launched but the global shortage of semiconductors continues to bedevil production and therefore new car registrations. The industry is working flat out to overcome these issues and fulfil orders, but disruption is likely to last into next year, compounding the need for customers to place orders early. The continued acceleration of electrified vehicle registrations is good for the industry, the consumer and the environment but, with the pace of public charging infrastructure struggling to keep up, we need swift action and binding public charger targets so that everyone can be part of the electric vehicle revolution, irrespective of where they live.”
Though the overall trading performance for the UK automotive sector has improved, albeit, slightly (up 1.7%), we at e-zoomed expect trading conditions to continue to remain challenging for 2022. We expect recovery to take at least 6 months, if not longer. November 2021 performance is still below the 10 year average. The potential of another lockdown or significant new restrictions will continue to dampen the performance of the UK automotive sector. Moreover, the ongoing supply chain constraints will further exacerbate an already precarious predicament.
Though the Tesla Model 3 electric car remains on the November 2021 Best Sellers list, the lack of zero-emission electric cars and plug-in hybrid electric cars on the YTD Best-Sellers list, is a firm reminder that much work needs to be done by all stakeholders to achieve a comprehensive migration to zero tailpipe-emission electric driving in the UK.
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