Electric vehicles buck trend in 2022, UK's worst sales year

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Tap here to see other videos from our team. In 2022, the nation's automakers reported their worst sales year, but electric vehicles bucked the trend with shipments of 40% from a year earlier. That drove up their share of the nation's new-car market to 17% from 12%, according to data from the Society of Motor Manufacturers and Traders.

Electric vehicle adoption is increasing fuel demand around the world, providing hope for cleaner air and a reduction of carbon emissions. The UK Competition and Markets Authority said that petrol and diesel prices were the most volatile on record last year. According to estimates from the International Energy Agency in Paris, global oil consumption growth will be eroded by around 870,000 barrels a day this year due to fuel efficiency gains and growth in electric vehicle sales.

Peak Gasoline Will Bring US Price Shocks and Inflation Headaches The surge in battery-powered cars saw them surpass diesel for the first time and now rank second only to gasoline. After the Covid 19 flu, road fuel sales in the UK and many other countries rebounded last year, as economies started to go up again. Even so, excluding 2021 and 2020 sales when figures were distorted by the virus, average monthly petrol sales were the lowest since 1990, according to government data and estimates up to September. Diesel sales, which had been trending higher until 2018, averaged 2.42 billion liters a month up to September last year - the lowest for the corresponding periods since 2015 excluding the Pandemic years.