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Paragon Bank: Leading
Leading the charge
Only coherent planning can propel electric vehicle adoption
Julian Rance Managing Director of Motor Finance Paragon Bank
280% between 2019 and 2021, but standard chargepoints increased by just 70% in the same period. Meanwhile, battery electric cars rose by a staggering 587%, whereas rapid/ultra-rapid charger stock grew by only 82%.
The uptake of electric and hybrid vehicles in the UK is finally starting to gain pace. Until recent years, the momentum has been more akin to a steamroller than a Tesla-esque torque burst, but the segment is heading in the right direction.
The latest Society of Motor Manufacturers and Traders (SMMT) figures showed that 21,977 electrified cars were registered in February, up 123% on last year, earning a market share of over 37%. In the first two months of the year, the strongest growth was recorded in battery electric vehicles, up 154% compared to 2021 at 24,850. With the new ‘22 plate now available, I would expect those figures to continue to grow.
But any change in consumer behaviour never comes without teething pains and the perennial ‘chicken and egg’ debate around electric vehicle adoption and infrastructure still rages.
As technology has advanced, fears over battery range have largely abated. Most electric vehicles now have a range in excess of what you’d get on a full tank of petrol. However, concerns over the charging network persist. Amongst its requests, the SMMT wants the government to deliver a national plan to align charger provision with demand and to establish a new regulator, ‘Ofcharge’, to ensure charging is affordable, accessible, and as easy as refuelling with petrol or diesel.
Other points include setting binding targets to ensure adequate public chargepoint provision and ensuring electricity networks are future-proofed and fit for purpose for zero emission mobility. It’s a welcome move by the SMMT, which recognises the benefits of developing an electric automotive industry to the UK economy and continues to lobby government in that regard.
The issue for the providers of electric charging points is do they invest millions of pounds into infrastructure now when technology could soon overtake today’s offering? That could be holding back further infrastructure investment and I would like to see the government offering further support in this space.
Most electric vehicle owners charge at home and use their vehicle to make short journeys. When it comes to making longer trips, the majority of owners will have some form of horror story about trying to find a charging point, waiting for one to become available and then being charged through the nose to use it.
The SMMT has urged the government to take action on upscaling the charging infrastructure to facilitate further take-up of electric cars and has published a seven-point plan to turbocharge the UK’s infrastructure.
According to the SMMT, plug-in cars on the road grew by a phenomenal The barriers to the adoption of electric vehicles are falling away and we are seeing motorists increasingly turning to electric alternatives. I believe fixing the charging infrastructure will help accelerate adoption.
