How will the temporary “rules of origin” affect the UK EV industry? Will depreciation rates of EVs be a problem for owners? The UK is among the top three European countries most prepared for the electric revolution. Will the affordable BYD Seagull make it to European markets? this EV news roundup covers the latest developments in the industry.
UK among top three European countries ready for EV revolution
According to LeasePlan’s recently released 2023 EV Readiness Index, the UK is among the top three European countries most prepared for the electric revolution, with the top two spots being, Norway and the Netherlands.
The Index measures the preparedness of 22 European countries for EVs based on critical factors of the maturity of the EV market, infrastructure, and the total cost of EV ownership in each country. While the maturity of the EV market has increased across Europe, the UK’s score remained steady, reflecting the overall improved penetration of EVs in European countries.
EVs hold a 23% share of the UK’s car market and have over 71,000 public charge locations and over 13,000 fast charge locations which is the second-highest in Europe per population.
BYD Seagull, a 4-passenger electric hatchback for under £9,000?
The pure electric BYD Seagull is different to most EVs. It’s a 4-passenger hatchback that is like the Kia Picanto, the most astonishing news is that its starting price in China is under £9,000.
The Seagull is based on BYD’s e-platform 3.0 and falls under the Ocean series, which also includes the Dolphin and the Seal. It has a single electric powered motor with 75 hp (55 kW) and 135 Nm of torque driving the front wheels. Its top speed is 130 km/h, and acceleration to 50 km/h takes 4.9 seconds.
The Seagull is available with two BYD Blade battery packs 30.08 kWh or 38.88 kWh. The car with the smaller battery technology has a range of 190 miles, while the larger battery gives a range of 251 miles, however, these range estimates are highly optimistic.
Small, efficient cars are very much in demand in Europe. BYD has not said it plans to export the Seagull, but if it does, it is likely to find a ready market for these cheap electric motors. Find out more about BYD in our post here.
Electric cars lose value faster than petrol cars
Everyone expects a natural decrease in the value of a new car over time given the wear and tear, mileage and age of the vehicle. But, some electric car owners could be seeing the value of their car depreciate nearly twice as fast as petrol cars.
This is according to data from ChooseMyCar.com which used a comparison of new car prices three years ago compared to their value now. According to the study, EVs on average lost over 50% of their purchase value between 2020 to 2023, compared to just 37% for petrol vehicles.
This can equate to a huge loss of around £15,000 for electric car owners while petrol drivers might see a decrease of under £10,000. But, the higher the original price, the bigger the loss! The Tesla Model S lost around £25,000 in value in those three years. Popular entry-level EVs like the Nissan Leaf also lost £13000 in value and other popular cars like the Hyundai Ioniq and BMW i3 saw big depreciation rates too.
Agreements required to stop an extra 10% levy on electric cars next year
The price of electric vehicles may rise next year due to an EU UK levy, should agreements not be made soon. Discussions are needed on the possibility of extending a temporary “rules of origin” trade waiver, which could allow a continuation of the 70% import rules on battery components from outside the region.
Currently, a temporary waiver in the TCA means tariffs do not kick in. However, that will drop to a 40% limit on 1 January 2024, meaning an extra 10% levy on vehicles could be added as manufacturers are not yet able to reduce reliance on Chinese imports.
