The United Kingdom is taking to electric vehicles quickly. Really quickly.
What Happened: As per data released by the Society of Motor Manufacturers and Traders (SMMT), a battery electric car was registered every 60 seconds in July as registrations jumped 87.9%.
Gas vehicles, however, continue to maintain their position as the most preferred fuel choice with 58,150 vehicles registered last month. 23,010 BEVs and 16,321 HEVs were also registered in July. Overall, 143,921 new vehicles were registered, owing to supply change easing and subsequent production increase.
SMMT expects the popularity of EVs to further accelerate and touch one BEV registered every 50 seconds by the end of the year. By 2024-end, the body expects it to jump to one BEV every 40 seconds.
The Ford Puma (NYSE: F) was the bestseller last month, followed by the Kia Sportage and the Nissan Qashqai. EV giant Tesla Inc's (NASDAQ: TSLA) Model Y, meanwhile, was the tenth bestseller last month.
Why It Matters: "While the growth in electric vehicles hitting UK roads is significant, it must move even faster if it is to outpace the rest of the market and enable the UK to meet ambitious but necessary environmental targets," SMMT said in a statement.
However, to further accelerate EV adoption, every support including fiscal incentives and developing charging infrastructure is needed, the body added.