Diesel vehicles are loved for their extreme power but despised for the harmful nitrogen oxide gas it emits into the atmosphere. Over time, the lowering quality of our atmosphere has led to disdain for diesel vehicles. The UK government will be stopped sale of new diesel and petrol vehicles in 2040 to clean the environment. In the midst of these circumstances, electric vehicles are taking centerstage in UK auto market. By 2017, more than 4,000 vehicles were being registered every month, as compared to 3,500 registrations in the year 2013.
We talked to used cars retailers Lookers plc to understand how the market is changing.
Traditional fuel prices are fluctuation
UK fuel prices have not been steady in the UK, according to the RAC. UAE conflicts, activism against harmful emissions and Brexit has all made fuel prices very difficult to navigate. The government’s plan to remove these cars from the country and ban their sales by 2040 will not help prices either. RAC spokeswoman Simon Williams said, “both petrol and diesel are now at their highest points for more than three years which is bound to be making a dent in household budgets”.
Activists and policymakers are encouraging the supermarkets to cut their fuel prices and become more affordable. Three leading supermarkets have already heeded the call and reduced the prices by 2p per liter in February 2018.
Brexit will continue to affect the prices in the country. In January 2016, a 98p drop was noticed in prices after domestic fuel production increased. However, the UK still has a 38% dependency on imported fuel and with changing Brexit negotiations, new deals should be finalized as soon as possible.
Electric vehicles are taking over
Though the electric vehicle revolution is slow, it is taking over the traditional fuel vehicles. More drivers are now interested in running these electric vehicles. This is happening despite the fact that an EV could take at least 8 hours to get fully charged. Manufacturers are coming up with more efficient batteries that could help in charging faster and travelling long distances with ease.
The UK currently has 20 organizations and companies that are running and installing charging points across the country. ChargePoint and InstaVolt signed a multimillion pound deal in May last year to add 3,000 more rapid charging stations across the UK. Some researchers are even claiming that a new fluid electrolyte system could help in charging the vehicles as quickly as filling gas in the tank. All these factors working together could make EVs the most attractive option for new car buyers.
Oil firms are also understanding the need for the imminent shift to EVs. This is why BP has confirmed that it will add more rapid charging points at its fuel stations this year. Shell has also followed a similar investment, where their service stations will offer electric car charging. BP is also investing in American firm Freewire Technologies (an estimated $5 million) which will bring motorbike size charging units that could top up cars in as less as 30 minutes.
The cost of fuel in the UK is still uncertain but the rise of electric cars is an inevitability.