June 2022 Newsletter – Market News
UK Government closes Plug-in Car Grant
The Plug-in Car Grant (PiCG) was first launched in 2011 to help bridge the upfront price difference between ultra-low emission cars and their internal combustion engine equivalents.
In June, the government decided that the £300 million grand fund will now be refocused on extending plug-in grants to boost sales of plug-in taxis, motorcycles, vans and trucks and wheelchair-accessible vehicles.
However, all existing applications for the grant will still be honoured, with funding being removed from all future sales.
The funding relocation targets the expanding public charge network in line with the £1.6 billion investment in charging infrastructure committed in part when the 2030 ICE ban was announced.
UK car production growth
Car production in the UK grew for the first time since May of 2021, increasing by 13.3%, with 62,284 units leaving the factory gates.
Additionally, production for overseas and domestic markets increased last month by 8.9% and 39.5%.
Whilst output remains 46.3% lower than the pre-pandemic levels, a month of production rate growth is very encouraging, especially with the ever-increasing vehicle wait times for buyers.