U.K. EV Sales Hit Record High, While U.S. Experiences Steep Decline

­The globe is barreling towards its electric future, with governments doing everything possible to urge, goad, and in some cases, mandate the switch to electric vehicles. But how is the public responding?

Well, that depends which side of the pond you’re on.

In the U.K., sales and new registrations of battery electric vehicles hit record highs, while U.S. figures dipped considerably.

For March, the U.K. logged its 20th straight month of new car growth, with a 10.4% rise in registrations. And though it’s still about 1/3 lower than pre-COVID levels, it’s definitely on the upswing.

Gas-powered vehicles made up 55.7% of the market, while hybrid-electric stood at 14%, plug-in hybrids were 7.7%, and battery electric vehicles hit their highest registrations on record (though market share, at 15.2%, went down a bit year-over-year).

Mike Hawes, Chief Executive of the U.K.’s Society of Motor Manufacturers and Traders (SMMT), noted that, “Market growth continues, fuelled by fleets investing after two tough years of constrained supply. A sluggish private market and shrinking EV market share, however, show the challenge ahead. Manufacturers are providing compelling offers, but they can’t single-handedly fund the transition indefinitely.

The U.S., however, was a different story entirely. While 2023 saw a robust 47% growth, and a 7.6% EV market share, EV sales grew only 2.7% during Q1 ’24, with a total of about 268,000 sales.

Agita over interest rates and the normal range anxiety played a role in the decline.

“That's where all of those headwinds come in that we've seen in survey data,” said Edmunds Director of Insights Ivan Drury. “Those real-world concerns about charging infrastructure, battery life, insurance costs.”

Many feel that we’ve pushed a technology that not everyone wants (or can afford) far too quickly, and consumers are responding in kind.

There’s no indication that U.S. automakers are changing their tune, but the news is definitely sobering.