Manufacturers to meet zero emission mandate despite EV sales struggles
The ZEV mandate, under which automakers are required to sell a certain percentage of electric vehicles annually, imposes a fine of PS15,000 per car sold below target. In 2024, the target is set at 22%, gradually increasing to 80% by 2030.
By the end of July, electric vehicle registrations had increased by 10% to 195,000, according to the Society of Motor Manufacturers and Traders (SMMT).
However, this still represents only 16.8% of the market share. New AutoMotive, an industry analyst, predicts that overall EV sales will reach just 18% by the year’s end, yet manufacturers are expected to comply with the ZEV mandate through various strategies.
It said that the top five car manufacturers by volume all gained on or have already exceeded their targets in June. Stellantis Group increased its BEV share in the past year from 16.8% up to 17.8%. This was aided by strong sales of EVs for Peugeot and Vauxhall which were 28% and 22 % respectively. VW Group has also made up ground, increasing its BEV share in the past year from 12.3% to 12,9%.
