The UK automotive market is witnessing a significant transformation as more drivers opt for electric vehicles (EVs), particularly in the used car sector. Data from cinch, a leading platform for selling pre-owned EVs, shows a remarkable 311% increase in sales over the past year. This trend highlights not only the growing popularity of EVs but also their competitive advantage in terms of cost and efficiency. Despite challenges such as charging infrastructure, the market is rapidly evolving, with prices narrowing between new and used EVs and traditional internal combustion engine (ICE) vehicles.
Accelerating Adoption: The Rise of Used EVs in the UK Market
The surge in used EV sales reflects a broader shift in consumer behavior. Cinch's data indicates that EVs are now selling at a rate 26% faster than petrol and diesel cars. Sam Sheehan, Motoring Editor at cinch, points out that while new EVs still carry a premium due to construction costs, this gap is closing quickly in the second-hand market. Additionally, the overall cost of ownership for EVs is becoming increasingly attractive, with home-charged EV owners saving £1,040 annually on running costs compared to petrol cars. As the market matures, the financial benefits of EVs are becoming clearer.
Sheehan further explains that the appeal of EVs extends beyond just savings. Models like Tesla's Model 3, Renault's Zoe, and Nissan's Leaf remain popular choices among consumers. The affordability of these models, especially in the used market, has contributed significantly to their widespread adoption. Between July and September 2022, the average price for a used EV was £25,078, compared to £14,419 for petrol and diesel cars—a difference of just over £10,000. By 2024, this gap had narrowed considerably, with EVs costing just £1,000 more on average.
Market Dynamics: Competing Forces and Infrastructure Growth
The competitive landscape for EVs is heating up, with Tesla's Model 3 continuing to dominate despite new entrants. Sheehan anticipates increased competition from various manufacturers, particularly from Chinese brands. However, Tesla's loyal customer base ensures its continued prominence in the UK market. The maturing used EV market is lowering the barrier to entry, making it easier for consumers to switch to electric vehicles. Government subsidies have played a crucial role in this transition, especially in countries like Germany.
Another critical factor influencing the growth of EVs is the expansion of public charging infrastructure. In October 2024, the UK boasted 71,459 public charge points, nearly doubling the number from two years earlier. This rapid expansion addresses one of the primary concerns for potential EV buyers—how and where to charge their vehicles. With more charging options available, the convenience and accessibility of EVs are improving, further driving their adoption. The combination of narrowing price gaps and expanding infrastructure suggests that the future of transportation in the UK is increasingly electric.
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The Legacy of Success Continues
Since its debut in 2015, the Hyundai Creta has been a cornerstone of Hyundai's success in India. This robust SUV has consistently driven Hyundai's sales numbers upward. In 2024 alone, Hyundai sold an impressive 186,919 units of the Creta, contributing significantly to Hyundai's record-breaking year. The company achieved an unprecedented milestone by selling 764,119 vehicles domestically and through exports, up from 602,111 in 2023. Tarun Garg, Hyundai India’s Chief Operating Officer, highlighted that "customers’ preference for Hyundai as their trusted smart mobility solutions provider" was evident in these record sales figures.The Creta played a pivotal role in Hyundai's growth, accounting for over 30% of total sales. It bolstered Hyundai's position as an SUV leader, achieving a remarkable domestic SUV contribution of 67.6% in 2024. As Mr. Garg noted, "CRETA continued to strengthen HMIL’s position as an SUV leader," solidifying Hyundai's dominance in the Indian automotive market.A New Era of Electric Mobility
In line with its commitment to sustainable transportation, Hyundai launched the Creta Electric earlier this month. The unveiling took place at the Bharat Mobility Global Expo, where the new model made its grand entrance. Priced starting at Rs 17.99 lakh (approximately $20,000), the Creta Electric offers buyers four trim levels: Executive, Smart, Premium, and Excellence. The top-tier Excellence trim starts at Rs 23.50 lakh (around $27,200). Compared to the gasoline version, which begins at around Rs 10.99 lakh ($12,800), the electric variant represents a significant leap in technology and sustainability.Consumers have two battery options: a 42 kWh pack providing a range of 390 km (242 miles) and a larger 51.4 kWh pack offering 473 km (294 miles). Hyundai is confident that the Creta Electric will further enhance the appeal of this already successful SUV, as Mr. Garg stated, "it will expand the appeal of this Undisputed, Ultimate SUV."Expanding the Electric Horizon
Hyundai's ambition extends beyond the Creta Electric. The company plans to introduce five new electric vehicles in India by 2030, including the Creta. To cater to growing demand, Hyundai also intends to launch three-wheel electric cars. While the Creta EV won't be available in the US, Hyundai is rolling out a series of upgraded electric models there. For instance, the 2025 IONIQ 5 now boasts extended driving range and features a NACS port for Tesla Supercharger compatibility. Additionally, Hyundai's first three-row electric SUV, the EV9, is set to hit the market soon.These strategic moves underscore Hyundai's dedication to leading the transition toward electric mobility. By integrating advanced technology and expanding its product lineup, Hyundai aims to meet the diverse needs of consumers while reducing environmental impact. The Creta Electric is just the beginning of a transformative era in automotive innovation.The United States has announced its intention to withdraw from the Paris climate accord, marking a significant shift in the country's stance on global environmental efforts. This decision, made by the Trump administration, signals a renewed focus on expanding domestic energy production and reducing regulations on fossil fuels. The move is expected to have far-reaching implications for international cooperation on climate change, as well as for the future of renewable energy initiatives within the US. Despite criticism from environmental advocates, supporters argue that this policy shift will bolster the nation's economic growth and energy independence. The withdrawal process will take approximately one year after formal notification is submitted to the United Nations.
In a bold move, the administration declared a "national energy emergency," aiming to significantly increase drilling activities across the country. This policy aims to reverse what the administration views as overly restrictive environmental regulations that have hindered the nation's energy sector. The decision to expand drilling operations comes amid growing concerns about inflation and rising energy costs. Proponents of this approach believe it will lead to increased domestic oil and gas production, thereby strengthening the economy. However, critics warn that this could exacerbate environmental issues and undermine global efforts to combat climate change.
The administration also plans to revoke upcoming pollution standards for vehicles, which it considers an unnecessary burden on the auto industry. This action aligns with the broader goal of reducing regulatory constraints on businesses. The administration argues that these changes will help revitalize industries that have been negatively impacted by previous policies. Environmental groups, however, fear that this rollback could lead to increased emissions and further environmental degradation. The timing of these announcements coincides with record-breaking global temperatures and extreme weather events, highlighting the urgency of addressing climate change.
While some sectors welcome the administration's energy policies, others express deep concern. Industry leaders praise the return to what they describe as "American energy dominance," anticipating greater opportunities for growth and investment. Meanwhile, environmental organizations vehemently oppose the direction, emphasizing the need for sustainable practices to mitigate the impacts of climate change. As the world continues to experience severe weather patterns and unprecedented environmental challenges, the debate over energy policy remains at the forefront of national and international discussions.
Despite the controversy surrounding the decision to withdraw from the Paris Agreement, the administration remains committed to its new energy strategy. The emphasis on increasing domestic production and reducing regulatory burdens reflects a broader vision for economic revitalization. However, the long-term consequences of this shift in policy remain uncertain, particularly in light of the urgent need for coordinated global action on climate change. As the US moves forward with its revised approach, the international community watches closely, aware of the potential ripple effects on global environmental efforts.