Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

UK electric-car grant reinstated until March 2023 as supply chain issues stall car market

by October 5, 2022
October 5, 2022
UK electric-car grant reinstated until March 2023 as supply chain issues stall car market

The UK government has announced it is temporarily reintroducing the Plug-in Car Grant (PiCG) due to the continuing delays in manufacturing supply chains, including the conflict in Ukraine and the global semiconductor shortage.

The grant will be applied to all electric car orders placed between June 2022, when the grant was discontinued, and 31 March 2023, with the same terms as before: £1,500 off the list-price of any electric car costing £32,000 or less. This means only the cheapest electric cars on sale will be eligible for the grant.

A Department of Transportation spokesperson confirmed the 18-month extension of the grant, adding: “we will continue to work with industry and monitor issues impacting the supply chain issues.”

Before it was axed in June 2022, the PiCG supported the purchase of roughly 500,000 new electric cars in the UK. Having paid out a total of £1.4 billion in plug-in grants between 2011 and mid-2022, at the time it was withdrawn the government said it was refocusing funding towards the installation of more charging points across the UK and boosting sales of other types of electrified vehicles, such as vans, trucks, taxis, motorcycles and wheelchair accessible vehicles.

Defending its decision to end the grant, the government said that: “successive reductions in the size of the grant and the number of models it covers have had little effect on rapidly accelerating sales or on the continuously growing range of models being manufactured.”

Mike Hawes, chief executive of industry body the Society of Motor Manufacturers and Traders (SMMT), was critical of the decision: “The decision to scrap the grant sends the wrong message to motorists and to an industry which remains committed to the government’s Net Zero ambition.”

“While we welcome the continued support for new electric van, taxi and adapted-vehicle buyers, we are now the only major European market to have zero up-front purchase incentives for EV buyers, yet the most ambitious plans for uptake. With the sector not yet in recovery and all manufacturers about to be mandated to sell significantly more EVs than current demand indicates, this decision comes at the worst possible time.”

Other UK government incentives for potential electric-car buyers, such as the 2% Benefit-in-Kind (BiK) company-car tax and zero road tax for all EVs, remain in place.

Read more:
UK electric-car grant reinstated until March 2023 as supply chain issues stall car market

0
FacebookTwitterGoogle +Pinterest
previous post
Ministers in talks with Norway and Qatar for long-term gas contracts
next post
DEMONIC: John Fetterman Was ONLY VOTE in Failed Bid to Release Convicted Murderer Who Beat Teen to Death with a Bat

You may also like

driveJohnson’s reaches 600 driving instructors across the UK

November 10, 2023

Co-op sells petrol courts to Asda in £600m...

August 31, 2022

Labour’s VAT on private school fees set to...

January 3, 2025

Short-term financing for modern businesses

April 25, 2025

Swift Partners Up With Chainlink For New Crypto...

June 20, 2023

The Rise of Sports Betting: Market Trends and...

November 4, 2024

Government Launch £2m AI and Innovation Business Advisory...

September 20, 2023

Businesses to learn next week how the government...

September 15, 2022

Fashion For Thought: Nailing Your Clothing Brands Identity

January 18, 2024

Insights from Retired U.S. Marshal Andrew Smith: Leadership,...

August 23, 2024

driveJohnson’s reaches 600 driving instructors across the UK

November 10, 2023

Co-op sells petrol courts to Asda in £600m...

August 31, 2022

Labour’s VAT on private school fees set to...

January 3, 2025

Short-term financing for modern businesses

April 25, 2025

Swift Partners Up With Chainlink For New Crypto...

June 20, 2023

The Rise of Sports Betting: Market Trends and...

November 4, 2024

Government Launch £2m AI and Innovation Business Advisory...

September 20, 2023

Businesses to learn next week how the government...

September 15, 2022

Fashion For Thought: Nailing Your Clothing Brands Identity

January 18, 2024

Insights from Retired U.S. Marshal Andrew Smith: Leadership,...

August 23, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Bentley Kyle Evans Talks Legacy, Lessons, and Life in Television

      July 10, 2025
    • Pro-Trump ‘troll’ who spread Hillary text-to-vote memes in 2016 has conviction tossed by appeals court

      July 10, 2025
    • How Loyverse Integration Unlocks Small Businesses’ Growth

      July 10, 2025
    • How I Triple My Returns With 3x Leveraged ETFs!

      July 10, 2025
    • A Fiscal Hawk’s Defense of the GOP’s Deficit-Busting Budget Bill

      July 10, 2025
    • Trump had very unexpected convo with Obama at Carter’s funeral: Book

      July 10, 2025

    Categories

    • Business (8,443)
    • Investing (2,114)
    • Politics (15,994)
    • Stocks (3,198)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved