PRESS RELEASE : Autumn Statement – PwC comments on Electric Vehicle Excise Duty [November 2022]

The press release issued by PWC on 17 November 2022.

Cara Haffey, Automotive Sector Leader at PwC UK, said:

“The shift to zero emission vehicles is well underway and through one lens today’s announcement can be seen as a way of leveling the playing field by ensuring those drivers pay their fair share of road taxes.  However the balance is that we need to encourage this transition to be more rapid and therefore we hope this is not a disincentive to change.

“Indeed, despite the existing challenges in the UK market around EV adoption, demand remains strong, with UK consumers ranking third in likelihood to invest in an EV. In fact our research showed that in July of this year 5% of consumers already own an electric vehicle, and a significant 31% plan to buy one in the next two years.

“Today’s change may dampen appetite, however, an opportunity may emerge for the private sector to offer more incentives to reduce  consumers’ initial outlay and answer customers’ needs  for vehicles  that take in price and ease of use.”