Today's Times:
Electric cars should finally become more affordable next year because new government rules will levy a fine of £15,000 per car if too few are sold.
Under the zero emission vehicle (ZEV) mandate, which comes into force on January 1, manufacturers will have to ensure that 22 per cent of cars they sell every year are fully electric. The target will rise each year, hitting 80 per cent in 2030.
If too few electric cars are sold, the manufacturer will either have to pay a £15,000 fine for each petrol, diesel or hybrid model sold above that threshold, or buy “credits” from rivals such as Tesla, which has an all-electric range.
Car manufacturers such as Toyota and Ford will be under intense pressure to sell more electric cars, which account for only 16.3 per cent of the market according to the trade body, the SMMT.
They are therefore expected to cut prices, making electric cars a little more affordable. Many people are put off by the price of an electric car, with only nine new models available for under £30,000, compared with 90 petrol or diesel models on sale for less than that price.