Latest news with #ElectricCarGrant
Yahoo
a day ago
- Automotive
- Yahoo
UK's 650 Million GBP Electric Car Grant: But Will It Be Enough?
In a bid to drive Britain's transition to cleaner transport, the UK government has unveiled the £650 million Electric Car Grant (ECG) that aims to make electric vehicles (EVs) more affordable. With grants of up to £3,750 available for zero-emission cars priced under £37,000, the initiative is expected to ease the upfront cost of EV ownership while supporting sustainable automotive manufacturing. This move is part of UK's broader 'Plan for Change' and aims to rev up the EV market. But its success will also depend on how carmakers respond and how quickly UK can scale up its charging infrastructure. New Discounts With a Green Twist The new grant system is structured into two tiers. Cars that meet the highest sustainability criteria—meaning not just zero tailpipe emissions but also low embedded carbon across their production lifecycle—will be eligible for the full £3,750 discount. Vehicles that meet moderate environmental benchmarks will receive £1,500 in support. To ensure the grant promotes the greenest choices, only models that meet strict sustainability standards will qualify. Manufacturers must apply to have their eligible vehicles listed, with funding distributed on a first-come, first-served basis. Once approved, carmakers will factor the grant into the sticker price at the dealership, so buyers don't need to fill out forms or wait for reimbursements. The government has promised that the funding will be available through the 2028–2029 financial year, offering carmakers time to align their product pipelines with these new incentives. That said, the race is already on, as drivers can start accessing discounts effective today. Winners in the Making For automakers, this grant could be a game-changer, especially for those already investing heavily in electric mobility. Stellantis STLA, for instance, stands to benefit significantly. The company's UK manufacturing hubs in Ellesmere Port and Luton are central to its EV strategy, including production of electric vans and compact cars. With models like the T03 and C10 already on sale under its Leapmotor brand, Stellantis is well-positioned to take advantage of the sub-£37,000 grant scheme. STLA currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Meanwhile, Volkswagen VWAGY is gearing up with a full fleet of electric vehicles that span price points and segments. Its ID series—including the ID.3 and ID.4—is already popular among UK drivers. The upcoming (also called ID.1) is positioned as an affordable entry-level EV. With models likely to meet both price and sustainability criteria, Volkswagen's EV range may see a fresh surge in demand. BMW BMWKY is another likely winner. Its iconic Mini Cooper Electric has been a popular urban EV in the UK, and it fits into the grant's eligibility criteria. With strong brand appeal and a fun-to-drive character, BMW's Mini EV could see renewed demand as price-conscious buyers look to take advantage of the new incentives. BMW's broader electrification strategy, which includes expanding its EV lineup across both its core and Mini brands, aligns well with the goals of the scheme. Mercedes-Benz MBGYY, though known for its luxury leanings, could also benefit if future lower-cost trims or special editions bring it under the grant ceiling. Mercedes aims for half of its total sales to be EVs by 2030. Schemes like the ECG could accelerate those ambitions in the UK. Even Ferrari RACE, though typically operating in a vastly different price bracket, is watching the UK EV space with growing interest. The upcoming debut of its first fully electric car, dubbed the 'Elettrica,' is expected later this year. While its estimated price tag of over £420,000 puts it far above grant eligibility, Ferrari's foray into EVs signals a strategic shift. Over time, as battery tech matures and emissions regulations tighten, even high-end brands may explore mid-tier electric options to diversify their lineup. Moving in the Right Direction But Gaps Remain While slashing up to £3,750 off a new EV might entice more drivers to ditch petrol and diesel, the government's plan must go beyond vehicle price tags. Affordability is just one part of the equation. Charging infrastructure remains a key concern. Today, there are roughly 1.3 million electric vehicles on UK roads but only around 82,000 public charging points. That gap needs to close fast if the ECG is to spark lasting momentum. The government aims to grow that number to 300,000 by 2030—a steep climb that will require not just policy but private investment and local coordination. To that end, the grant scheme also includes funding to expand the UK's charging infrastructure. This includes £25 million for cross-pavement charging solutions (ideal for those without driveways), £30 million to install chargepoints at commercial depots, and £8 million earmarked for NHS sites. These measures will complement the £6 billion in private funding already committed to accelerating UK's EV infrastructure by 2030. Looking Ahead For brands like Stellantis, BMW and Volkswagen, the ECG offers a clear path to capture more market share, provided they act swiftly. Mercedes-Benz may find new reasons to introduce lower-cost variants that qualify under the scheme, while Ferrari's electric ambitions—though not grant-linked—reflect the industry's broader pivot. Ultimately, the Electric Car Grant is a positive step; grants may draw in buyers, but unless they're backed by fast-charging stations, affordable insurance, and reliable battery performance, adoption could still lag. Nonetheless, this grant puts more power behind UK's EV drive. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Ferrari N.V. (RACE) : Free Stock Analysis Report Volkswagen AG Unsponsored ADR (VWAGY) : Free Stock Analysis Report Stellantis N.V. (STLA) : Free Stock Analysis Report Mercedes-Benz Group AG (MBGYY) : Free Stock Analysis Report Bayerische Motoren Werke Aktiengesellschaft - Unsponsored ADR (BMWKY) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Globe and Mail
a day ago
- Automotive
- Globe and Mail
UK's 650 Million GBP Electric Car Grant: But Will It Be Enough?
In a bid to drive Britain's transition to cleaner transport, the UK government has unveiled the £650 million Electric Car Grant (ECG) that aims to make electric vehicles (EVs) more affordable. With grants of up to £3,750 available for zero-emission cars priced under £37,000, the initiative is expected to ease the upfront cost of EV ownership while supporting sustainable automotive manufacturing. This move is part of UK's broader 'Plan for Change' and aims to rev up the EV market. But its success will also depend on how carmakers respond and how quickly UK can scale up its charging infrastructure. New Discounts With a Green Twist The new grant system is structured into two tiers. Cars that meet the highest sustainability criteria—meaning not just zero tailpipe emissions but also low embedded carbon across their production lifecycle—will be eligible for the full £3,750 discount. Vehicles that meet moderate environmental benchmarks will receive £1,500 in support. To ensure the grant promotes the greenest choices, only models that meet strict sustainability standards will qualify. Manufacturers must apply to have their eligible vehicles listed, with funding distributed on a first-come, first-served basis. Once approved, carmakers will factor the grant into the sticker price at the dealership, so buyers don't need to fill out forms or wait for reimbursements. The government has promised that the funding will be available through the 2028–2029 financial year, offering carmakers time to align their product pipelines with these new incentives. That said, the race is already on, as drivers can start accessing discounts effective today. Winners in the Making For automakers, this grant could be a game-changer, especially for those already investing heavily in electric mobility. Stellantis STLA, for instance, stands to benefit significantly. The company's UK manufacturing hubs in Ellesmere Port and Luton are central to its EV strategy, including production of electric vans and compact cars. With models like the T03 and C10 already on sale under its Leapmotor brand, Stellantis is well-positioned to take advantage of the sub-£37,000 grant scheme. STLA currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Meanwhile, Volkswagen VWAGY is gearing up with a full fleet of electric vehicles that span price points and segments. Its ID series—including the ID.3 and ID.4—is already popular among UK drivers. The upcoming (also called ID.1) is positioned as an affordable entry-level EV. With models likely to meet both price and sustainability criteria, Volkswagen's EV range may see a fresh surge in demand. BMW BMWKY is another likely winner. Its iconic Mini Cooper Electric has been a popular urban EV in the UK, and it fits into the grant's eligibility criteria. With strong brand appeal and a fun-to-drive character, BMW's Mini EV could see renewed demand as price-conscious buyers look to take advantage of the new incentives. BMW's broader electrification strategy, which includes expanding its EV lineup across both its core and Mini brands, aligns well with the goals of the scheme. Mercedes-Benz MBGYY, though known for its luxury leanings, could also benefit if future lower-cost trims or special editions bring it under the grant ceiling. Mercedes aims for half of its total sales to be EVs by 2030. Schemes like the ECG could accelerate those ambitions in the UK. Even Ferrari RACE, though typically operating in a vastly different price bracket, is watching the UK EV space with growing interest. The upcoming debut of its first fully electric car, dubbed the 'Elettrica,' is expected later this year. While its estimated price tag of over £420,000 puts it far above grant eligibility, Ferrari's foray into EVs signals a strategic shift. Over time, as battery tech matures and emissions regulations tighten, even high-end brands may explore mid-tier electric options to diversify their lineup. Moving in the Right Direction But Gaps Remain While slashing up to £3,750 off a new EV might entice more drivers to ditch petrol and diesel, the government's plan must go beyond vehicle price tags. Affordability is just one part of the equation. Charging infrastructure remains a key concern. Today, there are roughly 1.3 million electric vehicles on UK roads but only around 82,000 public charging points. That gap needs to close fast if the ECG is to spark lasting momentum. The government aims to grow that number to 300,000 by 2030—a steep climb that will require not just policy but private investment and local coordination. To that end, the grant scheme also includes funding to expand the UK's charging infrastructure. This includes £25 million for cross-pavement charging solutions (ideal for those without driveways), £30 million to install chargepoints at commercial depots, and £8 million earmarked for NHS sites. These measures will complement the £6 billion in private funding already committed to accelerating UK's EV infrastructure by 2030. Looking Ahead For brands like Stellantis, BMW and Volkswagen, the ECG offers a clear path to capture more market share, provided they act swiftly. Mercedes-Benz may find new reasons to introduce lower-cost variants that qualify under the scheme, while Ferrari's electric ambitions—though not grant-linked—reflect the industry's broader pivot. Ultimately, the Electric Car Grant is a positive step; grants may draw in buyers, but unless they're backed by fast-charging stations, affordable insurance, and reliable battery performance, adoption could still lag. Nonetheless, this grant puts more power behind UK's EV drive. Only $1 to See All Zacks' Buys and Sells We're not kidding. Several years ago, we shocked our members by offering them 30-day access to all our picks for the total sum of only $1. No obligation to spend another cent. Thousands have taken advantage of this opportunity. Thousands did not - they thought there must be a catch. Yes, we do have a reason. We want you to get acquainted with our portfolio services like Surprise Trader, Stocks Under $10, Technology Innovators, and more, that closed 256 positions with double- and triple-digit gains in 2024 alone. See Stocks Now >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Ferrari N.V. (RACE): Free Stock Analysis Report Volkswagen AG Unsponsored ADR (VWAGY): Free Stock Analysis Report Stellantis N.V. (STLA): Free Stock Analysis Report Mercedes-Benz Group AG (MBGYY): Free Stock Analysis Report Bayerische Motoren Werke Aktiengesellschaft - Unsponsored ADR (BMWKY): Free Stock Analysis Report
Yahoo
2 days ago
- Automotive
- Yahoo
UK launches £650m grant scheme to cut electric car prices
The UK government has announced a £650m ($874.9m) Electric Car Grant (ECG) scheme designed to make electric vehicle (EV) ownership more affordable. This initiative aligns with the UK government's "Plan for Change" and aims to phase out new petrol and diesel cars by 2030. The scheme offers up to £3,750 off new eligible electric cars, with a price cap set at or under £37,000. The grant is part of the government's commitment to support the nation and other manufacturers that meet the 'highest manufacturing sustainability standards'. Starting from 16 July 2025, drivers can benefit from the discounts once manufacturers have their zero-emission cars approved for the scheme. The funding is available until the 2028 to 2029 financial year, the government said. The grant aims to address the upfront expense barrier cited often by drivers as a hurdle for adoption. By narrowing the cost gap between petrol and EVs, the scheme is expected to offer many drivers access to significant savings. With fuel and running expenses for electric cars being up to £1,500 less per year compared to petrol vehicles, the discount will make zero-emission cars cheaper to purchase and operate. This scheme adds to the government's extensive £63m investment in at-home charging solutions for those with no driveways, transitioning NHS fleets to electric, and installing chargepoints at business depots across the nation. In total, the UK government is dedicating £4.5bn to accelerate the transition to EVs. Complementing the grant scheme is the Zero Emission Vehicle (ZEV) Mandate, which obliges manufacturers to sell a growing percentage of zero-emission vehicles annually. The mandate, along with recent trade deals with India, the US, and the European Union, provides the automotive industry with the certainty and support needed amidst global economic challenges. UK Transport Secretary Heidi Alexander said: 'This EV grant will not only allow people to keep more of their hard-earned money – it'll help our automotive sector seize one of the biggest opportunities of the 21st century. "And with over 82,000 public chargepoints now available across the UK, we've built the infrastructure families need to make the switch with confidence.' The government has also launched the DRIVE35 programme worth £2.5bn ($3.37bn), aimed at propelling the nation's automotive sector into the future of zero-emission vehicle development. "UK launches £650m grant scheme to cut electric car prices" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Scottish Sun
2 days ago
- Automotive
- Scottish Sun
7 discounted EVs you can buy through government's controversial new tax payer-funded scheme
The Electric Car Grant makes EVs under £37,000 more affordable, including for Motability users, but raises concerns over taxpayer funding and infrastructure issues PLUGGED IN 7 discounted EVs you can buy through government's controversial new tax payer-funded scheme Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A NEW £650 million grant will knock up to £3,750 off the price of low-priced EVs, the government has revealed. A new Electric Car Grant will see taxpayers foot the bill for EVs costing under £37,000, and only models from brands that have committed to a so-called Science-Based Target (SBT) for emissions. 7 A £650million grant will knock up to £3,750 off the price of low-priced EVs - with concerns raised over taxpayer funding and infrastructure issues Credit: Getty According to Auto Express, fewer than 50 new EV models would be eligible for the grant - provided they pass the necessary criteria. The scheme will also provide additional support for electric car purchases for Motability customers - as revealed in The Sun's recent report - offering substantial discounts. This has raised concerns among some critics, who argue that taxpayers may effectively be contributing twice - once through the Motability scheme and again through the EV grant subsidies. Furthermore, some welfare users have expressed difficulties with EVs, with issues such as limited home charging facilities and inadequate public charging infrastructure causing frustration for some. Despite these concerns, supporters of the scheme, including Motability Operations, emphasise that including Motability users in the EV grant is vital to ensure the transition to electric vehicles remains inclusive and supports disabled drivers. A spokesperson from Motability Operations told The Sun: 'We welcome the Government's Electric Car Grant and the inclusion of our customers. 'It's vital that the EV transition is inclusive and doesn't leave disabled people behind. 'With the 2035 deadline on the horizon, any move that supports both drivers and the wider industry and improves positivity towards EVs is welcome.' Recent findings, though, found that drivers with ailments including constipation and "tennis elbow" were being funded by the Motability scheme. Some influencers have even been found to boast online about obtaining these vehicles for minimal costs, and even advising others on how to maximise their benefits. Alpine A290 GTS delivers a hot hatch EV that comes with F1-style 'overtake button' SHOPPING LIST There are also several key points to keep in mind before you set out to choose your shiny new discontinued EV. Firstly, the scheme will not be immediately accessible - even though it officially launches on July 16. This is because car brands must apply for eligibility for the vehicles in their ranges, rather than buyers being able to register grants at the point of purchase. Also, not all grants will amount to £3,750 as the scheme adopts a two-tier system, with the value deducted from the recommended retail price (RRP) depending on how environmentally friendly the manufacturing process is for each model. According to the RAC, these restrictions encourage drivers to choose models that are not only cost-effective, but also more sustainable for the planet. To that end, we've picked out seven EV examples that could get the EV grant - though it remains to be seen if they will meet the criteria for the full subsidy of £3,750. Dacia Spring - Priced from £14,995 7 Dacia Spring Credit: Not known, clear with picture desk The nation's cheapest EV at £14,995 (if we look past the Citroen Ami, which is classed as a motorised quadricycle), the Spring, could be about to get a whole lot cheaper - if it meets the EV grant's criteria. The little EV, which boasts up to 140 miles of range - certainly enough for a trip to the shops and back - certainly doesn't boast many frills, but it's rather great for simple, daily use. Fiat Grande Panda - Priced from £21,035 7 Fiat Grande Panda Credit: PA One of the world's most famous nameplates is back, bigger and better than ever. The Panda, known as the national car of Italy, starts at around £21,035 for its electric iteration and has been given a radical new look. And, as the name suggests, it's a little bigger - somewhat similar in size to its Stellantis cousin, the Citroen C3 - with enough space that Fiat described as 'perfect for comfortable family living and contemporary urban mobility'. Peugeot e-208 - Priced from £30,150 7 Peugeot e-208 Credit: Getty Stylish and well-rounded, the e-208 is one of the finest all electric hatchbacks available - offering excellent performance alongside practicality, making it one of the most popular choices in its price range. It features a 50kWh battery and a 100kW electric motor, offering a range of up to 225 miles. Better yet, a GTI version is coming soon in what we described as a huge nod to an 80s classic. MG4 - Priced from £26,995 7 MG4 Credit: MG The MG4, often praised for its value for money, impressive range - which starts at 218 miles for the standard edition - and modern features, it's also one of the best EVs around for families thanks to surprising levels of space inside. Better yet, its suspension is tuned for comfort on long journeys, absorbing minor road imperfections. Fiat 500e - Priced from £25,035 7 Fiat 500e Credit: PA One of the nation's favourite petrol-powered little cars was discontinued last year, with Fiat now urging buyers to get their 500 thrills from the all-electric 500e. The iconic design is still there, but with the benefits of electric driving - offering a compact and efficient option for city drivers. Volkswagen ID.3 - Priced from £30,860 7 Volkswagen ID.3 Credit: Getty One of the most refined options available for under £37,000, the ID.3 delivers a comfortable ride, good range and the reliability associated with VW. Better yet, it offers user-friendly features, decent charging speeds and a good overall value, particularly when considering running costs. Honourable mentions: Alpine A290: instantly iconic and one of the most fun cars - electric or otherwise - on the market, the A290, which starts at £33,000, has won numerous awards and plaudits. MINI Cooper Electric: another hot hatch that's high on the fun factor, the famous Cooper now comes electric - including all the fun driving dynamics you'd come to expect. Volvo EX30: want something premium? This compact electric SUV stands out for its style, typically minimalist Scandinavian design and impressive performance, as well as all the practicality and tech that Volvo does best.
The Sun
2 days ago
- Automotive
- The Sun
7 discounted EVs you can buy through government's controversial new tax payer-funded scheme
A NEW £650 million grant will knock up to £3,750 off the price of low-priced EVs, the government has revealed. A new Electric Car Grant will see taxpayers foot the bill for EVs costing under £37,000, and only models from brands that have committed to a so-called Science-Based Target (SBT) for emissions. 7 According to Auto Express, fewer than 50 new EV models would be eligible for the grant - provided they pass the necessary criteria. The scheme will also provide additional support for electric car purchases for Motability customers - as revealed in The Sun's recent report - offering substantial discounts. This has raised concerns among some critics, who argue that taxpayers may effectively be contributing twice - once through the Motability scheme and again through the EV grant subsidies. Furthermore, some welfare users have expressed difficulties with EVs, with issues such as limited home charging facilities and inadequate public charging infrastructure causing frustration for some. Despite these concerns, supporters of the scheme, including Motability Operations, emphasise that including Motability users in the EV grant is vital to ensure the transition to electric vehicles remains inclusive and supports disabled drivers. A spokesperson from Motability Operations told The Sun: 'We welcome the Government's Electric Car Grant and the inclusion of our customers. 'It's vital that the EV transition is inclusive and doesn't leave disabled people behind. 'With the 2035 deadline on the horizon, any move that supports both drivers and the wider industry and improves positivity towards EVs is welcome.' Recent findings, though, found that drivers with ailments including constipation and "tennis elbow" were being funded by the Motability scheme. Some influencers have even been found to boast online about obtaining these vehicles for minimal costs, and even advising others on how to maximise their benefits. Alpine A290 GTS delivers a hot hatch EV that comes with F1-style 'overtake button' SHOPPING LIST There are also several key points to keep in mind before you set out to choose your shiny new discontinued EV. Firstly, the scheme will not be immediately accessible - even though it officially launches on July 16. This is because car brands must apply for eligibility for the vehicles in their ranges, rather than buyers being able to register grants at the point of purchase. Also, not all grants will amount to £3,750 as the scheme adopts a two-tier system, with the value deducted from the recommended retail price (RRP) depending on how environmentally friendly the manufacturing process is for each model. According to the RAC, these restrictions encourage drivers to choose models that are not only cost-effective, but also more sustainable for the planet. To that end, we've picked out seven EV examples that could get the EV grant - though it remains to be seen if they will meet the criteria for the full subsidy of £3,750. Dacia Spring - Priced from £14,995 7 The nation's cheapest EV at £14,995 (if we look past the Cit r oen Ami, which is classed as a motorised quadricycle), the Spring, could be about to get a whole lot cheaper - if it meets the EV grant's criteria. The little EV, which boasts up to 140 miles of range - certainly enough for a trip to the shops and back - certainly doesn't boast many frills, but it's rather great for simple, daily use. Fiat Grande Panda - Priced from £21,035 One of the world's most famous nameplates is back, bigger and better than ever. The Panda, known as the national car of Italy, starts at around £21,035 for its electric iteration and has been given a radical new look. And, as the name suggests, it's a little bigger - somewhat similar in size to its Stellantis cousin, the Citroen C3 - with enough space that Fiat described as 'perfect for comfortable family living and contemporary urban mobility'. Peugeot e-208 - Priced from £30,150 Stylish and well-rounded, the e-208 is one of the finest all electric hatchbacks available - offering excellent performance alongside practicality, making it one of the most popular choices in its price range. It features a 50kWh battery and a 100kW electric motor, offering a range of up to 225 miles. Better yet, a GTI version is coming soon in what we described as a huge nod to an 80s classic. MG4 - Priced from £26,995 The MG4, often praised for its value for money, impressive range - which starts at 218 miles for the standard edition - and modern features, it's also one of the best EVs around for families thanks to surprising levels of space inside. Better yet, its suspension is tuned for comfort on long journeys, absorbing minor road imperfections. Fiat 500e - Priced from £25,035 7 One of the nation's favourite petrol-powered little cars was discontinued last year, with Fiat now urging buyers to get their 500 thrills from the all-electric 500e. The iconic design is still there, but with the benefits of electric driving - offering a compact and efficient option for city drivers. Volkswagen ID.3 - Priced from £30,860 One of the most refined options available for under £37,000, the ID.3 delivers a comfortable ride, good range and the reliability associated with VW. Better yet, it offers user-friendly features, decent charging speeds and a good overall value, particularly when considering running costs. Honourable mentions: Alpine A290: instantly iconic and one of the most fun cars - electric or otherwise - on the market, the A290, which starts at £33,000, has won numerous awards and plaudits. MINI Cooper Electric: another hot hatch that's high on the fun factor, the famous Cooper now comes electric - including all the fun driving dynamics you'd come to expect.
