EV Market Update: Increased Sales Of Electric Vehicles

Tesla Model 3

While Diesel Sales Continue To Fall Significantly, Electric Vehicles Sales Have Increased By A Whopping 377.5% 


A recent article ‘Electric cars dominate Frankfurt auto show’ in the Wall Street Journal caught my attention.  I certainly was not surprised.  The electric vehicle industry has come a long way over the past decade, and  in particular, has witnessed a galloping pace over the past 24 months.  

The reason is clear. For the longest time, the mainstream automotive companies resisted the migration to zero-emission road transportation. The gross miscalculation meant the likes of  Elon Musk, the co-founder of Tesla Inc. had the playing field to himself to build dominance.  Which he did very successfully with Tesla electric cars.  

Tesla Model X electric car
Tesla Model X All-Electric SUV

However, finally, the boardrooms of these automotive behemoths recognised their failings and ever since have been playing ‘catch up’ with Elon and team.  Hence the intense activity of various announcements, unveilings and launches in relation to electric vehicles.  

The penny has finally dropped: the only way to avoid extinction is to migrate to the development, production and sale of battery electric vehicles (BEVs).

But it is not only the automotive companies and governments that have influenced this paradigm shift from internal combustion engines to electrified powertrains.  Far more important than any of these stakeholders influencing the rapid growth of the EV sector, are everyday consumers like you and me.  A large swathe of the UK population, in particular women, aspire for an environment with lower pollution.  

Interestingly, the more I spot EVs on the road, the more I see women behind the wheel.  This is no coincidence!

I am convinced that women will be recognised as the most important contributors to the growth and success of electric vehicles in the U.K.  

school children
EVs Are Perfect For School Runs

If you don’t believe me, just go outside any school at pickup time. You will see a number of eager mothers patiently waiting for their children in zero-emission vehicles.  

The August 2019 vehicle sales and new registration data from the SMMT validates the above assertions.  Sales of pure electric cars or battery electric vehicles (BEVs) have increased a staggering ‘fivefold’, while the overall U.K. auto market has dropped by 1.6% in August 2019. The EV market has now achieved a record 3.4% market share, an impressive performance, given the lackluster performance of the U.K. automotive sector.

  • Battery electric vehicles (BEVs) increased by 377.5% in August 2019 compared to August 2018.  Market share for 2019 increased to 3.4% from 0.7%
  • Diesel sales declined by a shocking 12.2% in August 2019 compared to August 2018.  Market share for 2019 reduced from 29.6% to 26.4%
  • Petrol sales increased by a mere 1% in August 2019 compared to August 2018

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Author

Ashvin Suri

Ashvin has been involved with the renewables, energy efficiency and infrastructure sectors since 2006. He is passionate about the transition to a low-carbon economy and electric transportation. Ashvin commenced his career in 1994, working with US investment banks in New York. Post his MBA from the London Business School (1996-1998), he continued to work in investment banking at Flemings (London) and JPMorgan (London). His roles included corporate finance advisory, M&A and capital raising. He has been involved across diverse industry sectors, to include engineering, aerospace, oil & gas, airports and automotive across Asia and Europe. In 2010, he co-founded a solar development platform, for large scale ground and roof solar projects to include the UK, Italy, Germany and France. He has also advised on various renewable energy (wind and solar) utility scale projects working with global institutional investors and independent power producers (IPP’s) in the renewable energy sector. He has also advised in key international markets like India, to include advising the TVS Group, a multi-billion dollar industrial and automotive group in India. Ashvin has also advised Indian Energy, an IPP backed by Guggenheim (a US$ 165 billion fund). He has also advised AMIH, a US$ 2 billion, Singapore based group. Ashvin has also worked in the real estate and infrastructure sector, to including working with the Matrix Group (a US$ 4 billion property group in the UK) to launch one of the first few institutional real estate funds for the Indian real estate market. The fund was successfully launched with significant institutional support from the UK/ European markets. He has also advised on water infrastructure, to include advising a Swedish clean technology company in the water sector. He is also a member of the Forbury Investment Network advisory committee. He has also been involved with a number of early stage ventures.

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