Recent reports would have us believe that the future of EVs is to be brief, but hold the front page, because the latest view is that with petrol prices rising so steeply EVs are now the flavour of the month…again.
Certainly this is what Auto Trader is finding, according to its latest Road to 2030 report.
Many commentators reckon that Russia’s illegal and immoral invasion of Ukraine war has caused petrol prices to soar and that they will keep on soaring.
Auto Trader reports that the proportion of electric cars viewed on its marketplace had dropped from a high of 26% in late September 2021 when the petrol crisis took hold, to just 16% in February. But since prices at the pumps started to rocket, so has consumer interest. Over the past week alone, consumers are conducting 27% more advert views for new electric vehicles than they were the previous week, and now account for 20% of all advert views.
Last year, the industry made good progress with the sale of EVs (accounting for 11.6% of all new car sales last year), driven, in part, by manufacturers offering more choice than ever before (with four times as many new electric models available (75) on Auto Trader compared to 2020), as well as investing significantly more in driving consumer awareness. In fact, 44% of all brand advertising spent on Auto Trader last year was to promote an EV, which was up three times on the prior year.