Overview

• Cox Automotive data shows nearly-new EVs average just 49% of their original value after 24 months, down from 83% in 2022.
• Manufacturers applied £4 billion in discounts on new EVs last year—about £11,000 per vehicle—to hit ZEV sales quotas.
• The Zero Emission Vehicle mandate requires EVs to make up 28% of new car sales this year and rise to 80% by 2030, with fines for non-compliance.
• Car rental and leasing firms face steep losses on fleet renewals and the BVRLA has called for VAT cuts or grants to support used EV buyers.
• Transport minister Lilian Greenwood is weighing removal of the expensive car tax supplement to boost demand and stabilise resale values.