Is the move to electric cars running out of power?

Buoyant electric car sales are a must if we’re to hit our climate targets. But EV sales in the West are down and if governments want them to recover it may have to be at the expense of their own economies.

Any motorway driver will know the feeling: you’re cruising along, miles of open road seemingly ahead and then from nowhere, a slowdown.

Something similar has hit the electric vehicle market in 2024. After years of soaring sales, growth appears to be stalling.

Replacing fossil-fuel-powered cars with EVs is central to the UK government’s plan to meet its climate goals – road transport accounting for 12% of planetary emissions.

The question is whether this is a blip that will soon disappear into the rear-view mirror, or is this going to prove more enduring? And if it lasts, will governments have the stomach to do what it takes to keep the net zero show on the road?

The growth in EV sales has been remarkable. In 2020, there were 10 million EVs on the road, in 2023 there were…