Electric car sales targets could be eased as demand flags

Published On Nov 26, 2024, 6:36 AM

The UK government is considering easing electric vehicle (EV) sales targets due to lower-than-expected demand. Car manufacturers, including Nissan and Ford, have requested more flexibility in the rules, which currently require that a certain percentage of car sales be electric, otherwise companies face significant fines. As demand for EVs declines, manufacturers have resorted to heavy discounts and job cuts. Though there is commitment to end sales of new petrol and diesel cars by 2030, the government may modify the strict mandates for EV sales if a broad agreement is reached in the industry.

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Stock Forecasts

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With the potential easing of sales targets for electric vehicles in the UK, this might lead to a temporary boost in sales of traditional automakers but could hinder the growth of dedicated EV manufacturers like Tesla, which continue to thrive under strict mandates. Therefore, traditional automotive manufacturers may see positive momentum while EV-centric firms might face negative impacts on their stock over time if demand continues to falter.

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