The UK, historically a key player in the automotive sector, is also experiencing a loss of ground to emerging markets.

Chinese EV makers, including BYD, Chery Automobile, and SAIC Motor, are keen to establish manufacturing plants in Europe.

Last year, Chinese automakers captured 19% of the market, up from 16% in 2022, according to the Rhodium Group.

Meanwhile, Tesla has commenced construction of a $200 million factory in Shanghai’s Lingang to manufacture Megapack energy storage batteries.

Automakers have reiterated their call for more government subsidies and improved charging infrastructure to stimulate demand for EVs.

Fully-electric car sales saw a significant increase of 14.3% compared to the previous year, demonstrating a growing consumer preference for electric vehicles.

The breakdown of these sales units reveals 28.9 million units in Japan and 51.27 million units overseas.