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Chinese EVs Surge as Fuel Prices Skyrocket
7 Apr
Summary
- March saw record electric car sales, up nearly a quarter.
- Chinese brands dominate, with Jaecoo 7 topping charts.
- Soaring fuel prices linked to increased EV interest.
March marked a record month for electric vehicle (EV) sales in the UK, with registrations climbing by nearly 25%. This surge is largely attributed to soaring fuel prices and the increasing availability of budget-friendly Chinese electric cars. The Jaecoo 7, a new Chinese entrant, emerged as the best-selling vehicle, often compared to the Range Rover for its affordability.
Overall new car registrations grew by 6.6% in March, reaching the highest total since 2019. However, EVs constituted only 22.6% of these sales. Plug-in hybrid (PHEV) models also saw a significant rise, driven by Chinese manufacturers.
Manufacturers like Jaecoo, Omoda, Chery, and BYD have rapidly gained market share. BYD, in particular, has surpassed established brands. This growth occurs amid concerns about meeting government targets for EV adoption and the potential economic impact of the ongoing conflict in Iran, which has driven up fuel costs.
Chinese brands now account for 15% of the UK's new car market, offering affordability and increased competition. The Jaecoo 7 SUV led sales in March, with its plug-in hybrid version being particularly popular. Major Chinese players are expanding their dealership networks and introducing new models to capture more of the market.
