According to Deloitte, the UK needs to invest £1.6bn on 28,000 public electric vehicle EV charge points. This is to support the estimated seven million electric vehicles that will be on UK roads by 2030.
The study, published by Deloitte, looked at how the UK can boost it’s electric vehicle market through it’s EV charge point infrastructure. Deloitte warned that the UK needs to invest heavily in EV charge points if it wants to catch up more mature markets such as China.
The government has already committed close to £300m to help the transition to electric vehicles. This includes £100m in small scale grants, and a £200m contribution to the Charging Infrastructure Investment Fund.
Power & utilities leader at Deloitte, Mark Lillie, stated “A shortage of public charging points will seriously hamper the adoption of electric vehicles. Yet only a continued uptake of EVs will provide the confidence to invest in, and develop, a charging infrastructure – a classic ‘chicken and egg’ scenario.”
He continued by saying: “However, the Government has set ambitious targets for 2030 through its Industrial Strategy Grand Challenges, for EVs to make up 60% of all new car sales and 30% of the total number of vehicles sold.”
Lillie then went on to say “At present the EV charging industry is not profitable and it could take until 2023 when EVs make up at least 5% of vehicles in circulation that it becomes so. Therefore companies looking to capitalise on this prospective boom will have to get into the market now but be prepared to wait for their returns.”
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